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 the group's acquisition strategy, enacted mainly in the U.S. and U.K. Acquisitions in the U.K. have been dominated by the takeover of NatWest in 2000, and its successful three-year integration into the group. RBSG now enjoys a prominent position in a number of U.K. personal, commercial, and wholesale markets. Acquisitions have also helped forge a growing position in retail banking in northeast USA. With increased size, RBSG has become increasingly diversified, by product as well as by geography.
