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The Herald Scotland
16-05-2025
- Business
- The Herald Scotland
Royal Bank of Scotland: The rise, golden era and what happened next
The perennial big question Back in the mid-1990s, Royal Bank was progressing solidly but the big question which perennially hung over it, as it did over rival Bank of Scotland, was whether the institution would be swallowed up by one of the big London players. Both of the big Edinburgh clearing banks were among the largest Scottish companies on the London stock market. By that time, Royal Bank had gone through major cost-cutting under then chief executive George Mathewson's Operation Columbus programme. For a while, the big question hanging over the two banks remained very much theoretical. And it was Bank of Scotland that became the subject of intense takeover speculation in 1996, when Standard Life decided to sell the vast bulk of its 32.2% stake in that institution. Many people feared, for good reason, that this move put Bank of Scotland 'in play' as a bid prospect, given a single buyer of the shareholding being sold off could use it as a platform for a full-scale takeover. This was a story I covered in great detail in the summer of 1996, eventually securing an interview with then Standard Life chief Scott Bell in his vast office in George Street amid a very public spat between the two venerable Edinburgh institutions, with Bank of Scotland's displeasure over the stake sale crystal clear. Ultimately, no hostile bidder emerged for Bank of Scotland, and the Standard Life stake being sold off was ultimately dispersed among other institutional investors. This meant the threat to Bank of Scotland subsided. However, takeover speculation around the two big Edinburgh clearing banks persisted in the years that followed. That was what made it so surprising in August 1999 when Bank of Scotland launched a hostile bid for big four UK bank NatWest. The bid battle for NatWest The assumption had always been that any major deal activity involving Scotland's big two clearing banks would be in the opposite direction, with them being the prey. HSBC, for example, was touted frequently as a potential bidder, especially for Royal Bank of Scotland. Digesting the news and share-price reactions on the Reuters financial screen at The Herald's old offices on Albion Street on the day Bank of Scotland launched its bid for NatWest, it swiftly became clear the City was taking the Edinburgh institution's move seriously. That day was the start of a fascinating takeover saga that lasted many months, generating a huge number of stories and many trips to Edinburgh and London to land these. What became evident very quickly was there was a real appetite for NatWest to be acquired. It was a solid enough bank, but the view in the City at the time was that its cost base was too high and there was scope to extract shareholder value in this regard. Royal Bank of Scotland bided its time before it launched its rival bid for NatWest in November 1999. By the time Royal Bank showed its hand, it was viewed as inevitable that it would enter the fray. It had emerged by then that Royal Bank and Bank of Scotland had been exploring a joint bid for NatWest before Bank of Scotland made the first move. After Royal Bank launched its bid for NatWest, what was already an exciting enough bid battle entered another, even more frenetic phase. Royal Bank's top brass, Sir George Mathewson and Fred Goodwin, called a Christmas truce in the battle in December 1999. At St Andrew Square in Edinburgh, they portrayed a picture of preparing to take some time off over the holidays. Meanwhile, board members of Bank of Scotland seemed in similar festive form at that institution's head office on The Mound as Christmas approached. Whether or not there was actually a truce over the festive period, the new year saw the battle enter its final stages. Read more It was a very close call in the end. The spectre of NatWest 'escaping between the legs' of the two Scottish bank was being raised, if neither won majority support. Institutional investors in NatWest appeared keen to see the London-based bank taken over, but had different preferences when it came to which of the Scottish banks was best placed to do it. There were signs that, for some, the priority was a decisive result. As the battle neared its end in February, there were declarations for Bank of Scotland, then momentum tipped over to Royal Bank of Scotland and the rest is history. Let the good times roll There followed a long period of prosperity for Royal Bank of Scotland. The integration of NatWest seemed to go without a hitch. Bank of Scotland, for its part, merged with Halifax in 2001 to form HBOS, which had its head office in Edinburgh but seemed to be less firmly based in the Scottish capital than Royal Bank. And the Royal Bank top brass seemed in the wake of the NatWest deal to be very much the toast of the City of London, as was clear from attending results briefings and speaking to analysts. In 2004, Royal Bank, which had been in the US since 1988 when it acquired Citizens Bank based in Rhode Island, announced another major deal in the world's largest economy in the form of the purchase of Charter One, based in Ohio. I remember re-leading the business section on this major deal for second edition, writing up the story after midnight. It was one of many big events in what turned out overall to be something of a golden period for Royal Bank There was also the building of the giant parkland campus at Gogarburn on the outskirts of Edinburgh, which was officially opened by Queen Elizabeth in September 2005. Separately, journalists were invited for a tour of the giant site, including Mr Goodwin's office and a 'clubhouse' offering some leisure downtime for employees as well as a major fitness centre. Read more By that time, Royal Bank was firmly established as the title sponsor of the Six Nations Championship rugby tournament. The vast reach of Royal Bank was evident in the hospitality suites and venues at Murrayfield and Hampden. Royal Bank of Scotland's offices at St Andrew Square (Image: Andrew Milligan/ PA) Royal Bank in 2005 took a stake in Bank of China. It was fascinating to watch the dynamics of the cooperation agreement between the pair during a visit to Beijing in 2006, as the city was preparing for the 2008 Olympics, with Bank of China's structure including a 'committee of party discipline'. Scotland had, against all the odds and in contrast to the perennial takeover fears that swirled around its banks only a decade earlier, become home to a bank of real scale on the global stage. In a broader economic and political context, there was much excitement around this. Sir George, by then Royal Bank's chairman, stood down in 2006, at a time when the institution was at the height of its powers. The ABN Amro deal Then, in 2007, came Royal Bank's hostile bid, in a consortium with Santander and Fortis, for Dutch bank ABN Amro. Royal Bank was once again in a protracted bid battle, this time with Barclays. Again, the takeover fight generated a huge number of stories. The whole saga became mired in legal cases, including over ABN Amro's sale of US bank LaSalle - an operation which had appeared to be a key attraction for Royal Bank in the deal. LaSalle was eventually sold from under Royal Bank's nose but the Scottish institution continued with the consortium bid for ABN Amro. The global financial crisis By the time the acquisition of ABN Amro was completed by the Royal Bank consortium in October 2007, there had already been signs of what turned out to be the emergence of the global financial crisis that was going to take a lurch for the worse less than a year later with the collapse of US investment bank Lehman Brothers in September 2008. In April 2008, in the wake of the ABN Amro deal, Royal Bank launched a rights issue to raise £12 billion. The global financial crisis, after the collapse of Lehman, unfolded rapidly and dramatically. And in autumn 2008, Royal Bank had to be bailed out by the UK taxpayer, ultimately to the tune of £45.5 billion. It was not entirely clear at the time but this was to mark the beginning of the end of Royal Bank being an institution based in Scotland. HBOS, for its part, was the subject of a rescue takeover by Lloyds TSB as the financial crisis unfolded. Royal Bank's NatWest deal had appeared to prove the conventional wisdom that it was very difficult to successfully mount a hostile takeover of a bank wrong. The ABN Amro deal suggested that there was much hazard in launching such a hostile bid, given the importance of poring over the books of the target to know exactly what was being bought. The financial crisis was fascinating to cover but there was a growing sense of dread as well, with the ultimate impact on the broader economy and people's lives crystal clear. When it came to the economy, the dreaded 'd' word, 'depression' loomed large. In the end, what followed became known as the Great Recession. And, covering events as they unfolded and with a knowledge of economic history, there was no escaping the fact that recessions caused by financial crises are so much harder to recover from than those in the usual boom and bust cycles. The shift of control to London and a momentous name change Stephen Hester succeeded Mr Goodwin as chief executive of Royal Bank amid the global financial crisis. He appeared acutely aware of Royal Bank's importance to Scotland, visiting The Herald's offices soon after taking up the role. New Zealander Ross McEwan then took up the top job in late 2013. There were signs that the nerve centre was gradually moving to London. However, it was only in the immediate wake of Alison Rose's appointment as chief executive in late 2019 that it could be stated definitively that this had happened. The key was that her contract stated she would be based in London. Paul Thwaite, who succeeded Dame Alison in summer 2023 and looks to have done a good job in raising the institution's profits, is also based in London and has made no bones about this. In February 2020, very shortly after Dame Alison took the top job, it was announced that Royal Bank of Scotland's name would be changed at parent company level to NatWest Group. That momentous name change took effect in July that year. Dame Alison, who joined NatWest as a graduate trainee, worked for the London bank at the time Royal Bank acquired it in 2000. With the confirmation of the move in where the bank was being run from and the name change, it looked as if things had turned very much full circle and, in terms of the London-Edinburgh dynamic, the boot was very much on the other foot.
Fox Sports
29-04-2025
- Automotive
- Fox Sports
Chevrolet Corvette ZR1 To Pace 109th Indianapolis 500
INDYCAR The 2025 Chevrolet Corvette ZR1 – capable of 233 mph, the highest top speed of any car ever made in America by an auto manufacturer – will lead the field to the green flag for the 109th Indianapolis 500 presented by Gainbridge on Sunday, May 25 at Indianapolis Motor Speedway. Designed for speed and performance, the Corvette ZR1 is up for any challenge, and the exterior and interior of the Corvette ZR1 will be on full display as the car fulfills responsibilities on and off the track. Michael Strahan, a Pro Football Hall of Fame member, two-time Daytime Emmy Award winner, longtime 'FOX NFL Sunday' analyst and 'Good Morning America' co-host, has been named honorary Pace Car driver and will pace the field of 33 drivers in the Corvette ZR1 to start 'The Greatest Spectacle in Racing.' 'Chevrolet is proud that the 2025 Corvette ZR1, our fastest Corvette ever, will be the Official Pace Car for the 109th Running of the Indianapolis 500,' said Scott Bell, global Chevrolet vice president. 'With a top speed of 233 mph, the Corvette ZR1 is the perfect fit to lead the Indy 500 field to green." The Corvette ZR1 delivers 1,064 horsepower at 7,000 rpm from a 5.5L twin-turbo V8, which is the most power ever from a factory Corvette and the most powerful V8 ever produced in America from an auto manufacturer. For Pace Car duty, the ZR1 is equipped with the Carbon Aero package, including dive planes on the front bumper, underbody aero strakes and the rear wing, which creates more than 1,200 pounds of downforce at top speeds. The Corvette ZR1 achieves incredible acceleration – capable of zero to 60 mph in 2.3 seconds before rushing through the quarter-mile in 9.6 seconds at 150 mph, making it the quickest Corvette ever. Arctic White exterior paint and Jet Black interior accents pair nicely with the Indianapolis 500 logos on the Pace Car. The jewel tone, emerald green and gold of the logo are highlighted in racing stripes and additional exterior design elements. Carbon fiber wheels complete the car's iconic, race-ready look. 'As we anticipate another iconic Indianapolis 500, we are once again excited to have the incredible American sports car Corvette pacing the field,' IMS and INDYCAR President J. Douglas Boles said. 'The race car-like performance of the Corvette ZR1 makes it the perfect car to pace the Indianapolis 500, and the distinctive sound of the Chevrolet V8 engine will echo brilliantly inside the walls of IMS.' Corvette is the longest-running car nameplate in automotive industry history, so it's no surprise Corvette has paced 'The Greatest Spectacle in Racing' more times than any car. The 2025 race marks the 36th time for Chevrolet to pace dating back to 1948 and the 22nd time overall, all since 1978, for America's favorite sports car. Visit for tickets and more information on all Month of May events and activities at IMS. Founded in 1911 in Detroit, Chevrolet is now one of the world's largest car brands, available in 80 countries. Chevrolet models include electric and fuel-efficient vehicles that feature engaging performance, design that makes the heart beat, passive and active safety features and easy-to-use technology, all at a value. More information on Chevrolet models can be found at
Globe and Mail
03-04-2025
- Business
- Globe and Mail
American Dream Rally Launches Nationwide Wealth-Building Initiative to Help Americans Achieve Financial Freedom
Las Vegas, NV - April 3, 2025 - American Dream Rally, an educational movement dedicated to empowering individuals with the knowledge to achieve financial independence, has launched its first-ever American Dream Rally, a one-day wealth-building experience designed to equip attendees with proven investment strategies. The inaugural event will take place in Dallas, Texas, on June 18, 2025, marking the beginning of a nationwide initiative aimed at helping Americans take control of their financial future. This exclusive one-day event will provide attendees with hands-on education in real estate investing, stock market strategies, tax liens, tax deeds, and key insights into wealth preservation. By offering actionable knowledge, the American Dream Rally seeks to bridge the gap between financial aspirations and real-world success for individuals from all walks of life. A Movement to Redefine the American Dream The American Dream has long been synonymous with prosperity, homeownership, and financial security. However, in an ever-changing economic landscape, many Americans find themselves seeking new ways to build wealth and safeguard their assets. The American Dream Rally was created to address this demand by providing practical investment education that is accessible to anyone — regardless of their background, financial experience, or starting capital. 'Achieve the American Dream. It is still alive, but it requires the right knowledge and strategies to achieve it,' said Scott Bell, Founder of American Dream Rally. 'Through this movement, we're empowering people with the tools they need to make smart financial decisions and take control of their future.' A One-Day Wealth-Building Experience The American Dream Rally is structured to deliver a high-impact learning experience within a single day. The event will feature industry experts sharing step-by-step guidance on: With the rise of economic uncertainties, the rally aims to provide individuals with financial literacy and wealth-building skills that can be applied immediately. The event is designed to cater to a wide range of participants, from beginners looking to enter the investment world to seasoned investors seeking new opportunities. A Nationwide Initiative for Financial Empowerment Following the launch in Dallas, the American Dream Rally plans to expand to other major U.S. cities, bringing its financial education platform to more Americans. The initiative's goal is to create a widespread movement of financially informed individuals who can confidently navigate today's investment landscape. As part of this effort, American Dream Rally is also developing an online resource hub for ongoing education, ensuring that individuals who attend the event can continue learning and refining their investment strategies. Join the Movement Tickets for the Dallas American Dream Rally are now available. Individuals interested in attending can register at For those unable to attend in person, updates on upcoming locations, educational content, and future events will be available on the official website and social media channels. About American Dream Rally American Dream Rally is a financial education movement dedicated to helping individuals achieve their version of the American Dream. Through in-person events, expert-led workshops, and online resources, the initiative provides actionable strategies in real estate investing, stock market growth, tax lien and tax deed investing, and wealth preservation. By empowering individuals with financial knowledge, the American Dream Rally aims to create a nationwide movement of wealth builders who are in control of their financial future. Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Media Contact Company Name: American Dream Rally Contact Person: Scott Bell Email: Send Email Phone: 702-978-7712 Country: United States Website:
Globe and Mail
31-03-2025
- Business
- Globe and Mail
American Dream Rally Announces Nationwide Wealth Education Initiative
Las Vegas, NV - March 31, 2025 - American Dream Rally, a financial education movement, today announced the launch of its inaugural American Dream Rally, a one-day investment education event scheduled for June 18, 2025, in Dallas, Texas. This marks the beginning of a nationwide initiative designed to equip individuals with practical wealth-building knowledge amid evolving economic challenges. The event, the first of several planned across the country, will introduce attendees to foundational strategies in real estate investing, stock market principles, and tax lien and deed opportunities. The initiative seeks to address the growing demand for accessible financial literacy tools and investment education for everyday Americans. 'Many still aspire to the American Dream, but the pathway to achieving it has changed,' said Scott Bell, Founder of American Dream Rally. 'This initiative is about giving people the tools and information to navigate today's financial environment with confidence.' Event Highlights The Dallas event is structured as a comprehensive one-day experience where participants will receive actionable guidance from experienced professionals across multiple investment domains. Topics will include: Real Estate Investing — Principles of property acquisition, flipping, and rental income generation. Stock Market Fundamentals — Long-term portfolio building and stock market basics. Tax Liens & Tax Deeds — An introduction to investing in tax-defaulted properties through lien and deed auctions. Wealth Preservation — Strategies for safeguarding and sustaining financial gains. The American Dream Rally aims to offer practical education suitable for both beginners entering the investment space and experienced investors seeking to diversify their wealth-building strategies. Attendees will gain insights into investment practices that have stood the test of time while also exploring modern approaches, including the integration of technology in financial planning. Nationwide Expansion and Continued Learning Following its Dallas debut, the initiative will extend to other major U.S. cities, creating a platform for individuals nationwide to access essential investment education. In addition to in-person events, American Dream Rally is developing an online educational hub, providing ongoing resources to support participants beyond the rally itself. For more information about the event, please visit About American Dream Rally American Dream Rally is a Las Vegas-based financial education initiative committed to enhancing financial literacy through practical, hands-on training. The organization focuses on delivering real-world investment knowledge without financial barriers, empowering individuals to make informed decisions. Media Contact Company Name: American Dream Rally Contact Person: Scott Bell Email: Send Email Phone: +1 702-978-7712 Country: United States Website:
Yahoo
07-03-2025
- Automotive
- Yahoo
Chevy tests Silverado EV off-road chops with ZR2 race truck concept
Chevrolet is testing the off-road chops of its electric Silverado full-size pickup — on the racetrack. The brand revealed the Silverado EV ZR2 off-road race truck concept ahead of the planned summer launch of the pickup's Trail Boss variant. It planned to compete with the ZR2 in the Mint 400 off-road race near Las Vegas. Developed in five months, the Silverado EV ZR2 concept uses about 98 percent GM production parts and shares elements with the gasoline Silverado ZR2 and Colorado ZR2, including a lifted front and rear suspension that is designed to go off-road, locking differentials, underbody skid protection and Multimatic dampers. It produces 1,100 hp and 11,500 pound-feet of torque from a tri-motor electric propulsion system. Sign up to get our afternoon video email. The video focuses on a new topic in the news each day. 'There is no better proving ground to test the limits of our vehicles than competitive racing,' Scott Bell, vice president of global Chevrolet, said in a statement. To that end, Chevy said engineers will study the Silverado EV ZR2's race performance and apply their findings toward future production vehicles, parts and accessories. While the Silverado EV ZR2 is a concept, Chevy is preparing to release a production off-road version of the electric pickup this summer. The Trail Boss will be sold with a factory-installed lift, 18-inch wheels and 35-inch all-terrain tires, and a Terrain Mode for better maneuvering. Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor.
