Major franchise in the U.K. and northeastern U.S.; Good business diversification and strategic flexibility; Successful acquisition and integration strategy; and Superior profitability and efficiency. Capital managed more tightly than at peers; and Acquisition-oriented strategy carries a degree of execution risk. The ratings on Royal Bank of Scotland Group PLC (RBSG), the ultimate holding company of Royal Bank of Scotland PLC (Royal Bank; AA/Stable/A-1+) and National Westminster Bank PLC (NatWest; AA/Stable/A-1+), in part reflect the strong business positions achieved as a result of successful acquisitions, mainly in the U.S. and U.K. Acquisitions in the U.K. have been dominated by the 2000 takeover of NatWest, and its successful three-year integration. RBSG now enjoys a prominent position in a number of U.K. personal,
