ROYAL Bank of Scotland is to change its name to NatWest Group as it tries to break with its toxic past – but the decision by new chief executive Alison Rose has sparked fury.
Rose said the rebranding of RBS – still partly owned by the taxpayer – was because 80% of its customers bank with the NatWest brand rather than through RBS branches, and bosses said it would have no impact on customers or staff.
The name has been in existence since the bank was founded in 1727.
Chairman Howard Davies said: “The essential reason for this is as the bank has evolved from the financial crisis and the bailout, we have focused on the NatWest brand.
“We have exited a lot of the international business which were not profitable. That was branded RBS and that's gone.
“It really makes no sense for us to continue to be called RBS. It was designed for a global group of brands, which we no longer are."
He said the registered office will remain in Edinburgh, with no plans for “unscrewing any brass plaques at this point”, although he admitted a second independence referendum in Scotland could change this.
The decision sparked anger on social media, with Grouse Beater writing on Twitter: “Tax payer-owned disaster prone Royal Bank of Scotland (RBS) is to change its name to NatWest later in 2020. The move forms part of a major re-branding by new chief executive Alison Rose, the company announced.
“Yes, a name change will expunge its venal past.”
GrievanceMonkey said on the same platform: “After the SNP blame literally everything on Westminster, our national bank is to be rebranded ‘NatWest’, which stands for National WESTMINSTER.
“You couldn't make it up.”
Douglas Hepburn tweeted: “Been with the bank all my working life . But cannot agree with the Name change to NatWest. RBS is a Scottish institution ffs totally wrong name choice.”
And James MacK added: “Very disappointed, angered and let down at the group name change. RBS Group has gone through highs and lows now you want to consign it to the history books. Disgrace.”
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel