The ratings on Royal Bank of Scotland Group PLC (RBSG)--the ultimate holding company of The Royal Bank of Scotland PLC (Royal Bank; AA/Stable/A-1+) and National Westminster Bank PLC (NatWest; AA/Stable/A-1+)--reflect strong business positions achieved as a result of successful acquisitions, mainly in the U.S. and U.K., and good groupwide organic momentum. RBSG's successful integration of NatWest (acquired in 2000), and expansion of its insurance operations, means that it enjoys a prominent position in U.K. financial services. Acquisitions have also helped forge a growing regional position in U.S. retail banking. RBSG is well-diversified by product and by geography. It continues to seek opportunities to expand geographically, such as in U.S. corporate banking (organically) and in China, but no major acquisitions are
