The Royal Bank of Scotland (RBS) Group, which owns RBS, NatWest and Ulster Bank, will be renamed NatWest Group later this year
RBS has announced plans for a major rebranding alongside its annual results for 2019.
A statement on the RBS website says: “Given our progress, solid financial footing and the forward-looking strategy we’re now implementing, we plan to rename the group to align with the brand which the majority of our business is delivered from.”
As well as NatWest and Ulster Bank, other brands owned by the RBS Group include Coutts, Child & Co, Adam & Company, Drummonds, Holt’s Military Banking, Isle of Man Bank, Lombard, RBS International and NatWest Markets.
Customers won’t see any change to products or services as a result of the change and will continue to be served through the current brand names.
Similarly, the name-change won’t impact jobs and the group’s employees won’t see any change to the way they work.
It’s expected that the name change will take effect later this year.
2019 annual results
The Edinburgh-based bank made the announcement alongside its 2019 annual results.
The bank reported profits of £3.1 billion for 2019, nearly double the £1.6 billion seen the year before.
Alison Rose, RBS chief executive, says: “Today marks the start of a new era for our bank as we announce our new purpose – to champion potential, helping people, families and businesses to thrive.
“These results are a reminder of the strong foundations we have built. Our profits are up, our capital position remains strong and this year we will have returned a further £2.7bn to our shareholders.
What does the re-brand mean for investors?
Joe Healey, investment research analyst at The Share Centre, says: “The results today have been clouded by the structural overhaul of the now NatWest Group.
“This moves the focus away from the core philosophy of driving shareholder returns to promote a more sustainable core business and alongside the cautious outlook surrounding future growth, explains the trepidation in the share price this morning.
“It appears not only RBS but others are entering a period of change in the industry pushed by an evolving market environment and stakeholder interests. The group has a history of restructuring - however, time will tell whether this is the right move for the historic bank.”