RBS changes name to NatWest from today
RBS has officially changed its name to Natwest today in what chief executive Alison Rose called a “symbolic moment”.
The bank announced in February that it intended to change its name. A further announcement last week confirmed that the name change would take effect today. The name change will be registered at Companies House in Edinburgh.
Customers won’t see any change to products or services as a result of the name change and will continue to be served through the NatWest and Royal Bank of Scotland brands.
The name change won’t affect RBS bank branches, most of which are in Scotland, or Ulster Bank locations in Northern Ireland.
The banking group will also remain headquartered in Edinburgh, where it was founded in 1727. The name change will not have an impact on jobs or the group’s employees.
Critics says the reason behind the name change is to distance the group from past problems, such as its near-collapse in 2008 when it received a £45bn government bailout during the financial crisis.
A statement from RBS said: “It makes sense to put in place a group name with the brand under which the majority of our business is delivered. NatWest represents approximately 80% of our customer base.”
The bank is still 62% taxpayer-owned, although the government intends to sell off the remainder of its stake by 2024.