BusinessCompany News‘Takeover’ the key to RBS success with NatWest

'Takeover' the key to RBS success with NatWest

The Royal Bank of Scotland's full integration with NatWest bank was mostly due to the fact it was a hostile takeover and not a merger, chairman GeorgeMathewson has today admitted.

The statement fuel the debate merger accounting and efforts by the International Accounting Standards Board to abolish merger accounting.

Speaking at the IoD conference at the Royal Albert Hall, Mathewson insisted NatWest had been fully integrated into RBS because of the way it had been acquired.

He said: ‘We could not have done this if the acquisition had been a merger, we could only have done it as a hostile takeover.’

Within three days, he added, NatWest head office had been closed and they had chosen the best employees to remain with RBS.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

12m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor