RBS Group to vary its title to NatWest
Royal Financial institution of Scotland (RBS) Group has stated it plans to vary its title later this yr, because it reported a close to doubling of annual earnings.
The Edinburgh-based financial institution, which owns RBS, NatWest and Ulster Financial institution, stated it could rename itself as NatWest Group.
The financial institution reported earnings of £3.1bn for 2019, almost double the £1.6bn seen the yr earlier than.
New RBS chief govt Alison Rose known as the outcomes the “begin of a brand new period” for the financial institution.
It’s thought that Ms Rose is hoping a rebrand will assist shift the lender’s picture away from its affiliation with the monetary disaster.
The financial institution was rescued by the federal government in 2008 within the aftermath of the monetary disaster at a value of £45bn and it’s nonetheless 62% state-owned.
Ms Rose informed the BBC’s At present programme that the title change wouldn’t alter any companies for RBS or NatWest prospects.
About 80% of the financial institution’s prospects are thought to make use of NatWest. Names of particular person NatWest and RBS branches will stay the identical.
She additionally stated that the title change wouldn’t lead to any job cuts throughout the group.
That is Ms Rose’s first set of outcomes for the lender. She grew to become the primary feminine boss of a serious Excessive Road financial institution when she was appointed final yr.
Essential questions unanswered
At present’s announcement was not simply the primary set of full-year outcomes unveiled by new chief govt Alison Rose but in addition the long-awaited unveiling of her technique.
However many essential questions stay unanswered, with Ms Rose failing to handle latest press reviews that claimed job cuts could also be in retailer.
RBS was the topic of a £45bn state bailout in the course of the monetary disaster, and stays 62% taxpayer-owned. A 25-year veteran of the financial institution, Alison Rose is without doubt one of the few senior executives left from the pre-crisis period, when former boss Fred Goodwin’s overambitious enlargement plans left the financial institution in a dangerous state.
Greater than a decade on, it falls to her to finish the clean-up operation. She says the title change for the dad or mum firm marks a brand new period, however the true problem is to show she will get the financial institution again right into a state the place the remaining stake will be bought with out incurring a hefty loss for taxpayers.
RBS additionally introduced it was dedicated to “a minimum of halve the local weather influence” of its financing exercise by 2030.
It says it’s going to cease lending to coal firms by the tip of the last decade.
The financial institution additionally confirmed it could make its personal operations “internet carbon zero” by the tip of this yr.
That follows on from a pledge by Lloyds Banking Group to halve the quantity of carbon emissions it funds via private and enterprise loans by 2030.