RBS has formally changed its name to Natwest, removing Scotland from the bank’s parent company for the first time since it was founded.
The group will remain headquartered in Edinburgh, and the name change will not affect RBS bank branches. The intention to change the name was first announced in February when it reported its annual results.
Chief executive Alison Rose said it was an “historic” day for the bank and “although there will be no changes to our customer brands, it’s a symbolic moment for our colleagues and stakeholders.”
“The bank has changed fundamentally over the last decade and now is the right time to align our group name with the brand under which the majority of our business is delivered.”
Rose unveiled the change as part of a strategic overhaul soon after taking the helm last autumn, and will see RBS move away from the brand that was tarnished by its state bailout in 2008.
The banking group is still 62 per cent taxpayer-owned, although the government intends to sell off the remainder of its stake by 2024.
Part of Rose’s overhaul includes environmental targets, such as halving the climate impact of its financing activity by 2030.
The bank has today appointed Nicholas Stern as an independent climate adviser to help meet its targets. Rose said: “At NatWest Group, we are determined to lead on the collaboration and cooperation that is so critical to tackling the causes of climate change and transitioning to a low carbon economy.”
“This is the biggest challenge facing our planet today, and I am delighted that Lord Stern has agreed to work with us to provide independent advice and guidance to help us meet our ambitious targets and drive positive change on this crucial issue.”