8th Oct 2018 07:08
LONDON (Alliance News) - Royal Bank of Scotland Group PLC is considering a name change, The Times reported on Monday.
The bank's chairman, Howard Davies, told the Times the name was "under review" after suffering reputational damage following the 2008 financial crisis.
Davies told the newspaper that the bank's appeal for emergency funding to prevent its collapse back in October 2008 created "very serious" reputational damage, which was further compounded by its fines for Libor manipulation.
According to The Times, no decision has yet been made though Davies noted that some could see a name change as not meaningful enough.
"Rebuilding our reputation will take longer. With our main legacy issues behind us, we are now fully focused on building a much better bank for our customers," Davies said.
Davies also noted that the bank was shifting its focus to investing in its other brands: Natwest, Coutts, and Ulster Bank, whose brands had suffered less damage.
https://www.thetimes.co.uk/article/rbs-could-change-name-to-repair-battered-image-g2t03nkvh
Related Shares:
RBS.L