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, commercial, and wholesale markets. Acquisitions have also helped forge a growing position in retail banking in northeastern U.S. With increased size, RBSG has become increasingly diversified, by product as well as by geography. Corporate activity and organic growth have helped
