The British bank Royal Bank of Scotland (RBS) wants to change its name to NatWest. That is the name of another bank that has been part of the group since 2000. With the name change, the new top woman Alison Rose is heading in the direction of a more consumer-oriented bank. NatWest is a much larger consumer brand in the UK than RBS.
RBS, which has had that name since its founding in 1727, got into serious trouble with the acquisition of ABN AMRO in 2007 and the financial crisis and had to be rescued by the British government. It still holds the majority of the shares.
Apart from the new name, the bank also cuts considerably in the size of its investment bank. In addition, the costs must be reduced. Furthermore, the institution strives for a slightly lower profitability than before. According to the bank, this adjustment is due to slow growth as long as the Brexit is not yet fully completed.
RBS recorded an operational profit of 4.2 billion pounds in 2019, equivalent to around 5.1 billion euros.