The bank said the name transform forms section of a system to align itself “with the brand name beneath which the the vast majority of our business is delivered”, with all around eighty% of its consumer base coming from Natwest
Natwest Group PLC has finished its name transform from Group PLC (), adding that its LSE-listed shares will transform to the new name with a new ticker ‘NWG’ from Thursday.
“This is a historic working day for our bank as we turn out to be NatWest Group plc. Though there will be no alterations to our consumer makes, it can be a symbolic minute for our colleagues and stakeholders. The bank has improved basically around the past 10 years and now is the suitable time to align our group name with the brand name beneath which the the vast majority of our business is delivered”, said chief government Alison Rose.
“While what we are identified as is essential, it can be how we do business that defines us…We are constructing a sustainable and purposeful business that champions the probable of our prospects at each phase of their life, provides for our stakeholders and performs a optimistic part in our society”, she included.
The banking giant, which also owns the Queen’s bank Coutts and is section-owned by the Uk taxpayer, said past Thursday that it will retain the RBS brand name at its Scottish branches but function as NatWest in its other markets.
It also said at the time that the name transform designs formed section of a system to align its group name “with the brand name beneath which the the vast majority of our business is delivered”, as all around eighty% of the company’s consumer base originates from its Natwest division.
However, the name transform may well also be a move by the bank to finally draw a line beneath the lingering toxicity of its RBS name, which has ongoing to pervade because the 2008 fiscal disaster amid a litany of scandals around payment protection insurance policy (PPI), level repairing and the conduct of its Worldwide Restructuring Group (GRG) business unit.
A report posted by the Money Conduct Authority (FCA) past 12 months uncovered that GRG had mistreated small and medium sized organizations (SMEs) which ended up transferred to its manage just after the crash, with an independent overview also uncovering evidence of designs to drain organizations of funds in get to get assets and fairness and increase bonuses for particular employees.
Rebrands: the great, the poor and the unsightly
RBS’s rebrand also is the hottest chapter in the chequered historical past of major company revamps.
Maybe one of the more renowned illustrations of a rebrand absent incorrect was the 2001 name transform of Royal Mail Group PLC () to ‘Consignia’, section of a system by then chief government John Roberts to extend the scope of the business and attempt to drive into intercontinental markets.
The £2mln rebrand turned an instant laughing inventory and lasted all around sixteen months