May 29, 2024

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Natwest Group PLC completes name change from Royal Bank of Scotland Group PLC

The bank stated the identify improve sorts component of a tactic to align by itself “with the brand name underneath which the vast majority of our company is delivered”, with close to eighty% of its client base coming from Natwest

Natwest Group PLC has accomplished its identify improve from Group PLC (), adding that its LSE-mentioned shares will improve to the new identify with a new ticker ‘NWG’ from Thursday.

“This is a historic day for our bank as we develop into NatWest Group plc. Whilst there will be no variations to our client makes, it is a symbolic second for our colleagues and stakeholders. The bank has improved basically around the last ten years and now is the suitable time to align our team identify with the brand name underneath which the vast majority of our company is delivered”, stated chief executive Alison Rose.

“While what we are identified as is critical, it is how we do company that defines us…We are building a sustainable and purposeful company that champions the opportunity of our buyers at every single stage of their lives, delivers for our stakeholders and plays a constructive purpose in our society”, she added.

The banking huge, which also owns the Queen’s bank Coutts and is component-owned by the Uk taxpayer, stated last Thursday that it will keep the RBS brand name at its Scottish branches but function as NatWest in its other marketplaces.

It also stated at the time that the identify improve options fashioned component of a tactic to align its team identify “with the brand name underneath which the vast majority of our company is delivered”, as close to eighty% of the company’s client base originates from its Natwest division.

On the other hand, the identify improve may possibly also be a move by the bank to finally attract a line underneath the lingering toxicity of its RBS identify, which has ongoing to pervade considering that the 2008 money crisis amid a litany of scandals around payment defense insurance coverage (PPI), amount repairing and the conduct of its International Restructuring Group (GRG) company device.

A report revealed by the Financial Perform Authority (FCA) last year uncovered that GRG experienced mistreated small and medium sized businesses (SMEs) which have been transferred to its manage following the crash, with an independent critique also uncovering evidence of options to drain businesses of hard cash in buy to acquire belongings and fairness and increase bonuses for specified staff members.

Rebrands: the good, the lousy and the unappealing

RBS’s rebrand also is the most up-to-date chapter in the chequered history of big corporate revamps.

Possibly 1 of the extra famed illustrations of a rebrand gone erroneous was the 2001 identify improve of Royal Mail Group PLC () to ‘Consignia’, component of a tactic by then chief executive John Roberts to expand the scope of the company and attempt to press into intercontinental marketplaces.

The £2mln rebrand turned an instantaneous laughing inventory and lasted close to sixteen months just before it was canned, with Roberts himself being consigned to the list of previous CEOs of the agency shortly following.

Even though Royal Mail’s shorter-lived rebrand was component of an exertion to look to the upcoming of the company, the rebrand of Arthur Anderson’s consulting arm to in 2001 was, considerably like RBS, a bid to lower the corporation off from its poisonous earlier.

When 1 of the most broadly revered accountancy corporations, Arthur Anderson’s status was left in tatters pursuing its purpose in the personal bankruptcy of US strength huge Enron, which was uncovered to have made use of questionable accounting techniques to cover personal debt off its stability sheet which experienced been signed off by Anderson’s accountants.

On the other hand, some corporate rebrands have extra mundane aims in mind, this kind of as the 2015 rebrand of look for engine huge Google to ().

The tech agency fashioned Alphabet as a mother or father to the core look for engine company, which remains its greatest asset, although also allowing for it to scale the management of its other company arms, several of which contain investigation & development corporations creating technological innovation relevant to self-driving vehicles and other so-identified as ‘moon-shot’ initiatives.

Shares in Natwest Group, which are even now investing underneath the ‘RBS’ ticker, were .4% lower at 121p in mid-afternoon investing on Wednesday.

–Provides affirmation of identify improve, updates share value–