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Sainsbury's Bank plc is a British bank wholly owned by Sainsbury's. The bank began trading on 19 February 1997 as a joint venture between Sainsbury's and Bank of Scotland. Sainsbury's took full ownership of the bank in January 2014. [2] The bank's head office is located in Edinburgh, Scotland, [3] and its registered office in London, England.
The company pioneered the offset mortgage in the UK; it was conceived as a joint venture between Virgin Direct (Virgin's financial services company) and The Royal Bank of Scotland in 1997. Initially, the company was known as the 'Virgin One account' and promoted to Virgin Direct's 200,000 strong UK customer base.
On Monday, 19 January 2009, a date previously known as Blue Monday, British banking shares collapsed in a rout of selling after Royal Bank of Scotland (RBS) announced the biggest corporate losses in British history. The shares fell over 67% in a single day. Shares in all other British banks suffered heavy losses.
Direct Line Insurance Group plc is a British insurance company based in the United Kingdom, formed in 2012 by the divestment of The Royal Bank of Scotland Group's (RBS) insurance division, through an initial public offering.
The Royal Bank of Scotland began issuing £100 notes in 1727, the same year as the bank's founding. Early banknotes were monochrome, and printed on one side only. The issuing of banknotes by Scottish banks was regulated by the Banknote (Scotland) Act 1845 until it was superseded by the Banking Act 2009. [1]
Dundas House was acquired by the Royal Bank of Scotland in 1825 for £35,300. [2] The interior was altered in 1825 and 1828 by Archibald Elliot the Younger, and in 1836 by William Burn. Much of these alterations were removed by John Dick Peddie in 1857 when a banking hall with a distinctive pierced dome was added to the rear of the existing ...
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In April 2008, the Bank of England launched the Special Liquidity Scheme, allowing banks to swap mortgage-backed assets for Treasury bonds, so providing more trusted collateral for accessing market liquidity. The same month, Royal Bank of Scotland launched a £12 billion rights issue to supplement its equity capital.