Natwest Group PLC has completed its name change from Royal Bank of Scotland Group PLC (LON:RBS), adding that its LSE-listed shares will change to the new name with a new ticker ‘NWG’ from Thursday.
“This is a historic day for our bank as we become NatWest Group plc. Although there will be no changes to our customer brands, it’s a symbolic moment for our colleagues and stakeholders. 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 Alison Rose.
“While what we are called is important, it’s how we do business that defines us…We are building a sustainable and purposeful business that champions the potential of our customers at every stage of their lives, delivers for our stakeholders and plays a positive role in our society”, she added.
The banking giant, which also owns the Queen’s bank Coutts and is part-owned by the UK taxpayer, said last Thursday that it will retain the RBS brand at its Scottish branches but operate as NatWest in its other markets.
It also said at the time that the name change plans formed part of a strategy to align its group name “with the brand under which the majority of our business is delivered”, as around 80% of the company’s customer base originates from its Natwest division.
However, the name change may also be a move by the bank to finally draw a line under the lingering toxicity of its RBS name, which has continued to pervade since the 2008 financial crisis amid a litany of scandals over payment protection insurance (PPI), rate fixing and the behaviour of its Global Restructuring Group (GRG) business unit.
A report published by the Financial Conduct Authority (FCA) last year found that GRG had mistreated small and medium sized businesses (SMEs) which were transferred to its control after the crash, with an independent review also uncovering evidence of plans to drain businesses of cash in order to acquire assets and equity and boost bonuses for certain employees.