For the first time in 300 years, the Royal Bank of Scotland (RBS) has officially changed its name to NatWest Group, by dropping the Scotland name.
The move was first announced in February this year by the group’s CEO Alison Rose, who has called the name change as a “historic day” for the bank.
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She said that “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.”
The banking group will remain headquartered in Edinburgh and the RBS name will be retained as a consumer brand due to its Scottish lineage at its branch networks.
The name change will not affect its branches or its Ulster Bank subsidiary locations in Northern Ireland.
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By GlobalDataOn its website, the bank noted: “Customers will see no change to products or services as a result of this change and will continue to be served through the brands they recognise today, including NatWest and RBS.
“Similarly, the name-change has no impact on jobs and our employees will see no change to the way they work as a result of this change.”
The group hopes that the name change will allow the bank to move on from past scandals.
Recently, the lender asked the majority of its staff to work from home until 2021.
Earlier this month, RBS signed a multi-year deal with Mphasis to accelerate product development in its lending domain.
