16th Jul 2020 09:08
(Alliance News) - Royal Bank of Scotland Group on Thursday said it will formally change its name to NatWest Group PLC on Wednesday next week.
This follows the announcement of its rebranding back in February, as the lender tries to distance itself from its troubled past and government bailout.
The RBS investment bank already is called NatWest Markets.
RBS bought the larger NatWest bank prior to the financial crisis, during which RBS shares lost 87% of their value, and just before disgraced former boss Fred Goodwin took charge.
RBS received two bailouts following the financial crisis, one in October 2008 and another in December 2009, which totalled GBP46 billion. The public found itself owning 84% of the bank, of which they still own 62% as of June 5, 2018.
In February of this year, its newest chief executive, Alison Rose, announced a series of plans to turn around the majority state-owned lender, believing it is "still too complicated for our customers".
Rose in February said they would reduce the size of NatWest Markets by around half, measured by risk weighted assets, managing down and optimising low-returning capital and inefficient activities.
RBS said it will provide a further update next week, including revised exchange tickers.
RBS shares were down 0.3% at 121.15 pence each on Thursday morning in London.
By Greg Roxburgh; [email protected]
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