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

Natwest Group PLC has concluded its identify modify from Group PLC (), adding that its LSE-mentioned shares will modify 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. While there will be no improvements to our customer models, it’s a symbolic second for our colleagues and stakeholders. The bank has transformed essentially more than the past 10 years and now is the correct time to align our group identify with the brand under which the the greater part of our company is delivered”, explained main government Alison Rose.

“While what we are named is essential, it’s how we do company that defines us…We are making a sustainable and purposeful company that champions the possible of our consumers at each phase of their life, delivers for our stakeholders and plays a optimistic position in our society”, she extra.

The banking giant, which also owns the Queen’s bank Coutts and is aspect-owned by the United kingdom taxpayer, explained past Thursday that it will keep the RBS brand at its Scottish branches but operate as NatWest in its other marketplaces.

It also explained at the time that the identify modify strategies shaped aspect of a technique to align its group identify “with the brand under which the the greater part of our company is delivered”, as close to eighty% of the company’s customer foundation originates from its Natwest division.

On the other hand, the identify modify may perhaps also be a move by the bank to finally draw a line under the lingering toxicity of its RBS identify, which has ongoing to pervade because the 2008 economic crisis amid a litany of scandals more than payment security coverage (PPI), price fixing and the behaviour of its Worldwide Restructuring Group (GRG) company unit.

A report posted by the Economic Carry out Authority (FCA) past 12 months identified that GRG experienced mistreated tiny and medium sized companies (SMEs) which had been transferred to its handle immediately after the crash, with an impartial review also uncovering evidence of strategies to drain companies of dollars in purchase to obtain property and equity and enhance bonuses for selected workers.

Rebrands: the fantastic, the bad and the hideous

RBS’s rebrand also is the newest chapter in the chequered record of key corporate revamps.

Maybe a person of the much more renowned examples of a rebrand absent incorrect was the 2001 identify modify of Royal Mail Group PLC () to ‘Consignia’, aspect of a technique by then main government John Roberts to extend the scope of the company and endeavor to drive into intercontinental marketplaces.

The £2mln rebrand grew to become an instantaneous laughing stock and lasted close to sixteen months ahead of it was canned, with Roberts himself becoming consigned to the checklist of previous CEOs of the organization soon immediately after.

While Royal Mail’s quick-lived rebrand was aspect of an exertion to appear to the foreseeable future of the company, the rebrand of Arthur Anderson’s consulting arm to in 2001 was, considerably like RBS, a bid to lower the company off from its toxic previous.

When a person of the most broadly respected accountancy companies, Arthur Anderson’s status was still left in tatters pursuing its position in the individual bankruptcy of US power giant Enron, which was identified to have used questionable accounting procedures to conceal financial debt off its balance sheet which experienced been signed off by Anderson’s accountants.

On the other hand, some corporate rebrands have much more mundane plans in brain, this sort of as the 2015 rebrand of lookup engine giant Google to ().

The tech organization shaped Alphabet as a dad or mum to the core lookup engine company, which remains its largest asset, though also allowing for it to scale the administration of its other company arms, quite a few of which incorporate analysis & growth companies developing know-how related to self-driving autos and other so-named ‘moon-shot’ projects.

Shares in Natwest Group, which are even now trading under the ‘RBS’ ticker, were .four% decrease at 121p in mid-afternoon trading on Wednesday.

–Adds confirmation of identify modify, updates share price–