NATWEST MARKETS PLC
Operating as the investment banking arm of the listed NatWest Group plc, the entity, formerly known as The Royal Bank of Scotland plc, provides debt financing, risk management, and global market trading solutions to corporate and institutional clients.
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Cash
£14B
Latest balance sheet
Net assets
£6.4B
Equity attributable
Employees
1,600
Average over period
Profit before tax
-£75M
Period ending 2023-12-31
Net assets
1-year trend · vs Financials median
Accounts
1-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | Δ vs prior |
|---|---|---|---|
| Turnover | £1,069,000,000 | — | |
| Operating profit | -£75,000,000 | — | |
| Profit before tax | -£75,000,000 | — | |
| Net profit | -£98,000,000 | — | |
| Cash | £13,831,000,000 | — | |
| Total assets less current liabilities | — | — | |
| Net assets | £6,378,000,000 | — | |
| Equity | £6,378,000,000 | — | |
| Average employees | 1,600 | — | |
| Wages | £264,000,000 | — | |
| Directors' remuneration | — | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. Year-on-year comparison hidden: this filing's period length differs materially from the prior year. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 |
|---|---|---|
| Operating margin | -7.0% | |
| Net margin | -9.2% | |
| Gearing (liabilities / total assets) | 96.4% | |
| Interest cover | -1.04x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 2 times since incorporation
- NATWEST MARKETS PLC 2018-04-29 → present
- THE ROYAL BANK OF SCOTLAND PUBLIC LIMITED COMPANY 1985-09-30 → 2018-04-29
- RBSG PUBLIC LIMITED COMPANY 1984-10-31 → 1985-09-30
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- Ernst & Young LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The directors continue to adopt the going concern basis of accounting in preparing the financial statements. The directors have made enquiries and consider that the Group will continue to operate for at least 12 months from the date of approval of these financial statements. This conclusion is supported by the Group's forecasts and projections, which include consideration of various scenarios.”
Group structure
- NATWEST MARKETS PLC · parent
- NatWest Markets Securities Inc. 100%
- NatWest Markets N.V. 100%
- RBS Plc 100%
Significant events
- “Interbank Offered Rate (LIBOR) and other rates litigation: The co-ordinated proceedings in the SDNY relating to USD LIBOR”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
9 active · 91 resigned
Showing the first 100 officers on file — Companies House returns these 100 per page and this record sits at that limit, so the list (and any former officers) may be incomplete. Full register on Companies House
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BEDDOWS, Sarah Katherine | Secretary | 2023-09-04 | — | — |
| DEVINE, John | Director | 2026-03-31 | Nov 1958 | British |
| HUME-KENDALL, Rupert William | Director | 2025-04-09 | Jan 1962 | British |
| LOWE, Simon Charles | Director | 2022-07-28 | Feb 1966 | British |
| MCNAB, Anne Elizabeth | Director | 2020-09-17 | Mar 1958 | British |
| PEBERDY, Jonathan | Director | 2024-10-01 | Jan 1978 | British |
| ROLAND, Thierry Charles Etienne | Director | 2025-04-14 | Dec 1965 | French |
| ROWE, Tamsin Elizabeth Edith | Director | 2019-03-27 | Jun 1959 | British |
| WILSON, Sabrina Hania | Director | 2023-09-04 | May 1971 | French |
Show 91 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| FOSTER, Kennedy Campbell | Secretary | 1991-02-01 | 1994-08-15 |
| GIBSON, Scott | Secretary | 2018-04-30 | 2023-09-04 |
| LINDSAY, James Snodgrass | Secretary | — | 1991-02-01 |
| MCLEAN, Miller Roy | Secretary | 1994-08-15 | 2010-04-30 |
| TAYLOR, Aileen Norma | Secretary | 2010-04-30 | 2018-04-30 |
| AHUJA, Vivek Gopaldas | Director | 2018-04-30 | 2025-01-17 |
| AIRLIE, David George Patrick Coke, The Rt Hon Earl | Director | 1991-01-23 | 1993-01-03 |
| BALFOUR, Peter Edward Gerald | Director | — | 1990-09-30 |
| BARCLAY, John Alistair | Director | 1989-04-01 | 1994-01-03 |
| BEGBIE, Robert | Director | 2019-12-18 | 2024-10-01 |
| BLANK, Maurice Victor, Sir | Director | 1991-01-23 | 1993-10-27 |
| BOSTOCK, Nathan Mark | Director | 2013-10-01 | 2014-05-28 |
| BRITTEN, Nicholas David | Director | 1996-05-01 | 1996-05-17 |
| BUCHAN, Colin Alexander Mason | Director | 2002-06-01 | 2011-08-05 |
| CAMERON, John Alastair Nigel | Director | 2006-03-01 | 2008-10-13 |
| CHANNON, Derek French, Professor | Director | — | 1994-12-21 |
| CLARK, David Beatson | Director | — | 1988-12-31 |
| CROMBIE, Alexander Maxwell, Sir | Director | 2009-06-01 | 2018-01-01 |
| CURRIE, James Mcgill, Dr | Director | 2001-11-28 | 2009-02-06 |
| DANGEARD, Franck Emmanuel | Director | 2016-05-16 | 2025-04-23 |
| DAVIES, Howard John, Sir | Director | 2015-07-14 | 2018-04-30 |
| DAVIS, Alison | Director | 2011-08-01 | 2018-04-30 |
| DI IORIO, Anthony | Director | 2011-09-01 | 2014-03-26 |
| DUTHIE, Robin, Sir | Director | — | 1998-12-16 |
| DUTHIE, Robin, Sir | Director | — | 1989-01-01 |
| ELLIS, Alan | Director | — | 1989-03-31 |
| FARLEY, Henry Edward | Director | — | 1990-09-28 |
| FAULCONER HEATHCOAT GRANT, Ian | Director | — | 2000-12-02 |
| FISH, Lawrence Kingsbaker | Director | 1993-01-14 | 2008-12-31 |
| FISHER, Mark Andrew | Director | 2006-03-01 | 2008-11-21 |
| FRIEDRICH, William Michael | Director | 2006-03-01 | 2009-02-06 |
| FRIIS, Morten Nicolai | Director | 2014-04-10 | 2018-04-30 |
| GILLESPIE, Robert Andrew Joseph | Director | 2013-12-02 | 2018-04-30 |
| GOODWIN, Frederick Anderson, Sir | Director | 1998-08-01 | 2008-11-21 |
| GRABOYS, George | Director | 1991-01-23 | 1992-12-22 |
| GREIG, Carron, Sir | Director | — | 1994-12-21 |
| GROSSART, Angus Mcfarlane Mcleod, Sir | Director | — | 2005-04-20 |
| HAMILTON, Alexander Macdonald | Director | — | 1996-01-18 |
| HAMPTON, Philip Roy, Sir | Director | 2009-01-19 | 2015-08-31 |
| HESTER, Stephen Alan Michael | Director | 2008-10-01 | 2013-09-30 |
| HUGHES, John Edward | Director | 2017-06-21 | 2017-09-01 |
| HUGHES, Penelope Lesley | Director | 2010-01-01 | 2018-04-30 |
| HUNTER, Archibald Sinclair | Director | 2004-09-01 | 2010-04-28 |
| INGLIS, James Craufuird Roger | Director | — | 1989-12-27 |
| JAMES, John, Sir | Director | — | 1989-12-27 |
| JETHA, Yasmin | Director | 2017-06-21 | 2018-04-30 |
| KING, David John | Director | 2020-07-01 | 2022-03-31 |
| KOCH, Charles John | Director | 2004-09-29 | 2009-02-06 |
| KONG, Janis Carol | Director | 2006-01-01 | 2009-02-06 |
| MACHALE, Joseph Patrick | Director | 2004-09-01 | 2013-05-14 |
| MACKAY, Eileen Alison | Director | 1996-05-16 | 2005-12-31 |
| MAIDEN, Robert Mitchell | Director | — | 1991-03-31 |
| MARKS, Christopher Alan | Director | 2018-04-30 | 2019-12-18 |
| MATHEWSON, George Ross, Sir | Director | — | 2006-04-28 |
| MCEWAN, Ross Maxwell | Director | 2013-10-01 | 2018-04-30 |
| MCFARLANE, John | Director | 2008-10-01 | 2012-03-31 |
| MCGILL, Lewis Sinclair | Director | — | 1990-12-31 |
| MCKILLOP, Thomas Fulton Wilson, Sir | Director | 2005-09-01 | 2009-02-03 |
| MCLATCHIE, Cameron | Director | 1998-10-01 | 2002-04-25 |
| MCLUSKIE, Norman Cardie | Director | 1992-06-01 | 2004-08-23 |
| NELSON, Brendan Robert | Director | 2010-04-01 | 2021-06-30 |
| NELSON, Elizabeth Hawkins, Dr | Director | — | 1997-10-01 |
| NOAKES, Sheila Valerie, Baroness | Director | 2011-08-01 | 2018-04-30 |
| NOEL-PATON, Frederick Ranald, The Hon | Director | — | 1993-01-03 |
| PEARCE, Austin William, Sir | Director | — | 1991-12-18 |
| PELL, Gordon Francis | Director | 2000-03-06 | 2010-03-31 |
| PLACE, Richard | Director | 2018-04-30 | 2019-12-18 |
| QUICK, Norman | Director | — | 1990-12-19 |
| RIOS, Emilio Botin-Sanz De Sautuola Y Garcia De Los | Director | 1991-01-23 | 1993-01-03 |
| RIOS, Emilio Botin-Sanz De Sautuola Y Garcia De Los | Director | 1991-01-23 | 2004-11-12 |
| ROBERTSON, Iain Samuel | Director | 1993-01-14 | 2005-04-20 |
| ROBINSON, David | Director | — | 1992-10-06 |
| ROBSON, Stephen Arthur, Sir | Director | 2001-07-25 | 2009-02-06 |
| RODRIGUEZ INCIARTE, Juan | Director | 1998-02-25 | 2004-11-12 |
| ROGERS, Michael John | Director | 2016-01-26 | 2018-04-30 |
| RYAN, Arthur Frederick | Director | 2008-10-01 | 2013-09-30 |
| SCHOFIELD, George Anthony | Director | 1992-06-01 | 1998-03-31 |
| SCOTT, Philip Gordon | Director | 2009-11-01 | 2014-10-31 |
| SCOTT, Robert Avisson | Director | 2001-01-31 | 2009-02-06 |
| SELIGMAN, Mark Donald | Director | 2017-04-01 | 2018-04-30 |
| SHAKERLEY, Charles Frederick Eardley | Director | — | 1990-12-19 |
| SPEIRS, Robert | Director | 1993-07-01 | 1998-10-23 |
| STEVENSON, Ewen James | Director | 2014-05-19 | 2018-04-30 |
| STUART, Charles Murray | Director | 1996-01-24 | 2002-04-25 |
| SUTHERLAND, Peter Denis | Director | 2001-01-31 | 2009-02-06 |
| THOMPSON, Kenneth | Director | 1991-01-23 | 1993-06-12 |
| THOMSON, Adam, Sir | Director | — | 1991-07-07 |
| VALLANCE OF TUMMEL, The Lord | Director | 1993-01-14 | 2005-04-20 |
| VAN SAUN, Bruce Winfield | Director | 2009-10-01 | 2013-09-30 |
| WATT, Frederick Inglis | Director | 2000-09-04 | 2006-01-31 |
| WHITTAKER, Guy Robert | Director | 2006-02-01 | 2009-09-30 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Natwest Group Plc | Corporate entity | Shares 75–100%, Voting 75–100% | 2016-04-06 | Active |
Filing timeline
Last 20 of 849 total filings
Material constitutional events — rename, articles re-file, resolution
- 2026-06-08 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-06-18 | AA | accounts | Accounts with accounts type group | |
| 2026-06-08 | RESOLUTIONS | resolution | Resolution | |
| 2026-04-23 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2026-04-23 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2026-04-01 | AP01 | officers | Appoint person director company with name date | |
| 2025-09-03 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-08-11 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-04-25 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-04-25 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-04-23 | TM01 | officers | Termination director company with name termination date | |
| 2025-04-15 | AP01 | officers | Appoint person director company with name date | |
| 2025-04-09 | AP01 | officers | Appoint person director company with name date | |
| 2025-03-31 | CH01 | officers | Change person director company with change date | |
| 2025-03-03 | AA | accounts | Accounts with accounts type group | |
| 2025-01-24 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-01-20 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-01 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-01 | AP01 | officers | Appoint person director company with name date | |
| 2024-06-04 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-04-25 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 7
- Capital events
- 0
- Officers appointed
- 1
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.