The fall of NatWest - an insider’s account of a takeover battle, part 1

The two-pronged assault on National Westminster Bank by the Bank of Scotland and the Royal Bank of Scotland last year was one of the most hard-fought takeover battles in British business history. In the first of two exclusive extracts from his diary, Pete

As the Millennium approached, the future for NatWest looked uncertain. It had been through some tough times and despite making record profits in 1998, investors were cynical. The City perceived a history of blunders, underperformance and a “jam tomorrow” re-engineering programme, not yet delivering.

Rumours of a possible bidder were rife, but being in the...

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