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Daily Record
Daily Record
Lifestyle
Holly Williams & Linda Howard

How RBS name change to NatWest next week will affect customers and branches

The Royal Bank of Scotland (RBS) has confirmed it will formally change its name to NatWest Group on Wednesday, July 22.

Bosses said the move was because 80 per cent of customers bank with the NatWest brand, rather than through RBS branches.

New RBS boss Alison Rose unveiled the name change in February as part of her new strategy soon after taking on the top job last autumn.

It also sees the group move away from a brand that was tarnished by its mammoth £45.5 billion state bailout in 2008.

Bank branches will continue to trade as RBS and the name will still be heavily associated with the business.

But investors and advisers will now know the listed entity as NatWest Group - changing a name that has been in place since the bank's foundation in 1727.

The name change will have no impact on customers or staff.

RBS said a further announcement will be made once it officially changes its name next week.

At the time of revealing the name change earlier this year, chairman Howard Davies explained: "As the bank has evolved from the financial crisis and the bailout, we have focused on the NatWest brand.

"We have exited a lot of the international business which were not profitable.

"That was branded RBS and that's gone.

"It really makes no sense for us to continue to be called RBS. It was designed for a global group of brands, which we no longer are."

RBS is still majority-owned by the taxpayer more than a decade since the financial crisis when it became one of the biggest banks in the world through an aggressive acquisition trail.

But this unravelled in the financial crisis when it was forced to turn to the UK Government for a bailout to avoid collapse and has since shed much of its international operations and once mighty investment banking arm.

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