Monday, February 29, 2016

News: Williams & Glyn name to return to Rotherham

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Williams & Glyn, a bank brand that has been dormant for 30 years, will soon return to Rotherham's High Street.

The historic bank building on the High Street in the town centre is one of over 300 branches in the UK that The Royal Bank of Scotland Group (RBS) must sell after a European Commission ruling following its 2008 government bail-out.

The process began in 2013 after a delayed deal collapsed that would have seen Spanish banking group, Santander, buy 316 RBS branches. A £600m pre-IPO investment was announced which paved the way for a initial public offering and the selling of shares as the brand is separated from RBS and operates as a standalone "challenger" bank - Williams & Glyn.

Whilst continuing preparations for an IPO, RBS has said that it plans to sell the business by the end of 2016 having received a number of informal offers.

Now, a planning application has been submitted for new signage at the Rotherham branch that signifies that it is ready to be transferred to the new William & Glyn operation.

Even when the name above the door and uniforms change, customers will still be RBS customers until Williams & Glyn is legally separated to become a standalone bank "by the end of 2016."

RBS submitted a banking licence application for Williams & Glyn at the end of 2015 and is working with the financial authorities towards obtaining the licence and separating the business from RBS.

Ross McEwan, CEO at RBS, said: "Separating out the Williams & Glyn business is a complex process, but we remain focused on meeting our State Aid obligation, achieving full divestment by the end of 2017, and reaching the best outcome for shareholders, customers, and staff."

RBS has 1,600 branches, down from 2,200 in 2010. It recently reported a £2bn annual loss for 2015.

The Rotherham branch has its history in the Sheffield & Rotherham Joint Stock Banking Co Ltd (1792-1907) which was a past constituent of RBS. The bank was established in 1792 by famous Rotherham steelmakers, the Walker brothers; along with Vincent Eyre, agent of the Duke of Norfolk (the principal landowner in the area); and William Stanley, a local businessman described as a "gentleman well-known and much respected at Rotherham."

Walkers, Eyre & Stanley was renamed Walkers & Stanley in 1829 and in 1836 the business was sold for £27,000 to a new joint-stock company, Sheffield & Rotherham Joint Stock Banking Co. The bank grew rapidly but the business was not without problems. Major accounting deficiencies were discovered during the 1840s and bad debts soared during the local commercial depression of the late 1870s.

In 1907, with a paid-up capital of £256,000, the bank was acquired by Williams Deacon's Bank Ltd of London and Manchester. This was later acquired by RBS and amalgamated with other acquired networks to form Williams & Glyn's Bank in 1970.

The Grade II listed building that stands at the foot of Rotherham's High Street today was built in 1892 possibly on the site of the "OLD BANK / FOUNDED 1792" as the sign above the doorway reads. The impressive building is notable for its polished granite columns.

RBS website

Images: RBS / Pearce Signs

1 comments:

Anonymous,  February 29, 2016 at 7:12 PM  

at present i have an account at rbs but what's annoying is to be told you will become a Williams & Glyn account holder instead of being asked

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