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RBS rebrands, becomes NatWest

RBS CEO Alison Rose

Alison Rose, Chief Executive of RBS

Royal Bank of Scotland (RBS) Group plc has decided to rebrand the parent company as NatWest Group plc, setting out a commitment to become a purpose-led organisation focussing on enterprise, learning and climate.

The rebranding of the bank, which was bailed out by the UK Government after the financial crisis, aligns with its customer base, 80 per cent of which are under the NatWest brand, and will have no impact on jobs.

Howard Davies, Chairman of RBS, said in a company announcement that customers will not see any changes in products or services. They will continue to be served by the brands they recognise today.

He said: “The board has decided that it is the right time to align the parent name with the brand under which the great majority of our business is delivered.”

Furthermore, the bank is looking to build a purpose-led bank and announced its new strategy, “We will champion potential, helping people, families and businesses to thrive”, identifying three focus areas: enterprise, learning and climate.

In the statement, RBS’s Chief Executive, Alison Rose, said today marks the start of a new era for the bank. “The way people live their lives has changed. And their expectations of companies are changing too; looking for us to deliver not only financial performance but a positive contribution to society; benefitting customers and communities as well as shareholders. The future of this bank depends on us successfully delivering on both.”

On the enterprise side, RBS aims to create 50,000 incremental new businesses by 2023 and support 500,000 people from different backgrounds to consider enterprise as a career. It also plans to reach 2.5 million people through financial capability interactions every year, make its own operations climate positive by 2025 and halve the climate impact of its financing activity by 2030.

The company reported a 93 per cent growth in attributable profit, from £1.6 billion in the fiscal ear 2018, up to £3.1 billion in 2019, while operating profits before tax reached £4.2 billion, a 26 per cent growth from 2018’s 3.4 billion.

Rose said: “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 £2.7 billion to our shareholders.

“But our performance doesn’t yet match the potential that exists in this bank. We can deliver so much more,” she said.

Notably, the current CEO of Bó, Mark Bailie, is leaving the bank with immediate effect to pursue other opportunities, and Marieke Flament has been appointed CEO in his place, alongside current role as CEO of Mettle.

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