Sixteen years after its rescue from bankruptcy by the British government at the height of the global financial crisis, NatWest, formerly Royal Bank of Scotland (RBS), became a fully private bank again on Friday. This development marks the end of a historic chapter for the British banking system and for one of its most iconic institutions.

Here is a chronological look back at the bank's winding journey, from pre-crisis excesses to a dizzying fall, massive restructuring, and an attempt at redemption.

2007-2008: the reckless rise and brutal fall

  • April 3, 2007: RBS leads a consortium in the takeover of Dutch bank ABN AMRO for €70bn, the largest bank acquisition ever. This deal comes shortly before the collapse of the markets linked to the subprime crisis.

  • April 2008: RBS attempts to recapitalize with a record £12bn fundraising to cope with a £5.9bn write-down on its toxic assets.

  • October/November 2008: The British government intervenes with a £20bn injection to prevent the bank from going bankrupt. In January 2009, a further £25bn in aid brings the state's stake to around 82% of the capital. Stephen Hester replaces Fred Goodwin as CEO.

2009-2013: disillusionment, sanctions and restructuring

  • December 2010: Despite decisions deemed catastrophic, Fred Goodwin and his team escape punishment from the UK Financial Services Authority (FSA), which nevertheless points to a series of management errors.

  • December 2011: The FSA publishes a damning report on RBS's governance before the crisis and also acknowledges its own shortcomings in supervision.

  • September 2012: RBS strengthens its plan to reduce headcount in its investment banking division. A total of 34,000 jobs have been cut since Hester took over.

  • February 2013: RBS is fined $612m for manipulating Libor and other global benchmark rates.

2013-2019: cautious revival under McEwan

  • August 2013: Ross McEwan takes the helm of the bank and initiates a decade of radical transformation. He drastically reduces the size of the investment bank, sells off toxic assets from the crisis era and settles outstanding legal disputes.

  • July 2017: RBS reaches an £835m agreement with the European Commission to promote competition, marking the end of state aid commitments related to the bailout.

  • October 2018: RBS pays its first dividend since the crisis, symbolizing a return to stability.

  • April 2019: McEwan announces his departure, later replaced by Alison Rose, the first woman to head a major British bank.

2020-2024: rebranding, scandals and political uncertainty

  • July 2020: RBS becomes NatWest, seeking to draw a line under a tarnished brand, particularly by the scandal surrounding its Global Restructuring Group division, accused of mistreating SMEs between 2007 and 2012.

  • July 2023: Rose resigns after revealing confidential information about Nigel Farage's bank accounts to a journalist, triggering a political and media storm.

  • October 2023: The UK financial regulator identifies potential regulatory breaches in the handling of the Farage case.

  • February 2024: Paul Thwaite is confirmed as chief executive after serving as interim chief executive since July 2023.

  • May 2024: The government cancels plans for a public sale of shares in NatWest amid the campaign for the general election called by former Prime Minister Rishi Sunak.

May 30, 2025: Return to private ownership

After years of gradual disengagement by the state and efforts to restore its image, NatWest returns to being a fully privately owned bank, nearly two decades after narrowly avoiding bankruptcy. While its history is now detached from government control, the bank remains marked by its tumultuous past, and the lessons learned from its downfall will continue to fuel debates on financial sector regulation for years to come.