Royal Bank of Scotland (RBS) to change its name

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Royal Bank of Scotland (RBS) says it is to change its name to NatWest Group later this year as it commits to a new future following the taxpayer bailout of 2008.

While announcing the bank’s annual results for 2019, which included a surge in profits, new chief executive Alison Rose set out a series of new priorities for the lender including incentive-linked targets covering climate and support for ethnic minority entrepreneurs.

RBS, which remains 62%-owned by the government, said there would be no impact on jobs through the rebranding of the Edinburgh-based group, which will be widely seen as an effort to shake off the toxic legacy of its rescue.

It said that the move was driven by the fact that 80% of its customer base came under NatWest but insisted that RBS branches would remain so named.

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