Why returning to private ownership is a new chapter for NatWest Group and the Royal Bank of Scotland

Over the past 18 months, I’ve often been asked what our return to full private ownership means.

It’s clearly a symbolic moment, not just for us at the bank, but also for Scotland and the wider UK. More than anything, it’s a moment to reflect on the enormous change since the Global Financial Crisis, the lessons learned and opportunities ahead.

I vividly remember the events of October 2008 unfolding. Edinburgh, where I was living, was at the epicentre, with financial services deeply woven into the fabric of the Scottish economy. The impact and uncertainty were evident, not just in the financial world, but in homes, high streets and conversations with friends.

Paul Thwaite, CEO, NatWest Group, appearing before the Treasury Committee

What really hit home was the enormity of the role that banks play in our economy but also in our customers’ lives. This left me with a huge sense of responsibility, one that stays with me today. I made a conscious decision to stay and rebuild our reputation as part of a team that has made us a fundamentally different bank.

In 2008, RBS had grown rapidly to become the biggest bank in the world, with a balance sheet of over £2.2trillion and operations in over 200 international markets. After more than a decade of complex restructuring, we are now stronger, safer and more customer focussed, with over 95% of our business in the UK. This change wouldn’t have been achieved without the support of UK taxpayers. We remain hugely grateful for the intervention that not only rescued our bank and the wider banking sector but protected millions of savers, homeowners, and businesses and stabilised the UK financial system.

Risk management must be the foundation of any good bank and across the world the Financial Crisis showed us what can happen when ambition comes ahead of risk. If you don’t manage risk, you can’t be there for customers. Today, our ambition is to succeed with our customers and grow with them as a trusted partner - whether that’s helping them to buy a home, invest their savings or grow a business.

Our ability to be that vital partner is built on a deep-rooted heritage and the many local connections formed by our brilliant colleagues. Nowhere is that truer than in Scotland – where our history spans almost 300 years and 11,000 colleagues are committed to serving almost two million people and 1 in 3 Scottish businesses.

I’m exceptionally proud of our history here; the dedication of our people and incredible loyalty of our customers carried us through the most challenging times. It is something we never take for granted and continues to underpin our enduring commitment to Scotland and the role we play in supporting its future growth.

The legacy is reflected in areas like our 45-year sponsorship of the Royal Highland Show and our role as founding partner of the business funding competition Scottish EDGE. We’re building new relationships too; our Glasgow and Edinburgh Accelerator Hubs have supported almost 1,000 entrepreneurs over the past decade, attracting millions in local investment.

Week in week out, we’re helping Scottish businesses scale; creating skilled jobs and putting in place critical infrastructure to accelerate local growth. May saw us announce £200k funding to Leask Marine to establish its new Kirkwall HQ and a £300k deal to support Northern Turbine Services expansion to new premises in Orkney- boosting Scotland’s renewable energy sector. And just last week we provided £13 million to Manor Estates Housing Association to deliver more affordable homes in Edinburgh.

With NatWest Group returning to full private ownership for the first time since 2008, we can become an even more trusted partner to our customers in Scotland and throughout the UK. Because, ultimately, that is how we will succeed together.

Paul Thwaite is CEO of NatWest Group