Tax-payer owned bank RBS is to change its name to NatWest Group later in 2020.
The move will form part of a major re-branding by new chief executive Alison Rose, the company announced on Friday.
Royal Bank of Scotland, commonly abbreviated as RBS, is one of the retail banking subsidiaries of The Royal Bank of Scotland Group plc, together with NatWest and Ulster Bank.
Later this year, the lender will start to phase out the RBS brand and launch of a new strategy focused on NatWest - which accounts for around 80% of its revenue.
The rebrand is the result of years of work to reform business performance and brand perceptions following its near-collapse in 2008 and subsequent bailout by the UK government.
For several years, RBS was loss-making and did not pay out any dividends, while remaining majority-owned by the state.
In a market announcement, the lender said it plans to hand over £600million to the Government, which owns 62% of the bank, in dividend payments as it hit a pretax profit of £4.23billion last year.
The payment will be made as part of a normal 3p dividend and a special dividend of 5p per share, as bosses said its preferred measure - return on tangible equity - hit 9.4%.
The other brands in its portfolio will remain, including Ulster Bank and Coutt’s, which both offer private banking services.
Chief executive, Alison Rose, said: "I know from experience, that we only succeed when our customers and wider communities succeed.
"I am confident that the strategy I have outlined will deliver sustainable long-term shareholder returns and will also build a bank that the UK and Republic of Ireland can be proud of.
"We will create lasting value when we champion the potential of those we serve. That is our purpose and our strategy."
Royal Bank of Scotland was established in Edinburgh in 1727.
In 2011, it created the world’s first fully-functional banking app in the UK market.
Today, the bank employs almost 12,000 people and serves 1.8million personal customers and more than 110,000 business customers UK wide.
The bank’s 20 mobile branches serve around 650 communities in Scotland.
