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., but also good organic momentum. 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
