After Three Centuries, Royal Bank of Scotland Becomes NatWest
(Bloomberg) -- Royal Bank of Scotland Group Plc is due to become Natwest Group Plc today, ending three centuries under its old name.
The change, which was announced in February, exchanges the group’s Scottish lineage for the name used in most of its branch network following a takeover in 2000. RBS will remain in use as a consumer brand.
“The bank has changed fundamentally over the last decade, and now is the right time to align our group name with the brand under which the majority of our business is delivered,” said Chief Executive Officer Alison Rose.
The bank went through a multibillion-pound restructuring that ditched its global ambitions after plunging into public ownership during the 2008 financial crisis. The U.K.’s largest lender to small businesses is now facing the economic consequences of the lockdown imposed to curb the spread of coronavirus. Most of its own employees are working from home until 2021.
In May, the company set aside 802 million pounds ($1 billion) to cover soured loans, almost 10 times the charge it booked a year ago. The newly-renamed NatWest will report second-quarter earnings on July 31.
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