Name Symbol Market Type
Royal Bank of Scotland Group PLC NYSE:RBS NYSE Depository Receipt
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  0.00 0.0% 3.04 0.00 0.00 0.00 94,270 13:39:28

RBS's New Name Is NatWest -- WSJ

15/02/2020 8:02am

Dow Jones News

Royal Bank of Scotland (NYSE:RBS)
Historical Stock Chart

From Nov 2019 to May 2020

Click Here for more Royal Bank of Scotland Charts.
By Simon Clark 

This article is being republished as part of our daily reproduction of articles that also appeared in the U.S. print edition of The Wall Street Journal (February 15, 2020).

One of the world's oldest banks is moving away from a name that stretches back almost three centuries.

Royal Bank of Scotland Group PLC will alter its name in a bid to move on from the legacy of the global financial crisis that saw the U.K. banking giant receive a GBP45.5 billion ($59.3 billion) bailout from British taxpayers to prevent it collapsing.

Under new Chief Executive Alison Rose, the lender will change its name later in 2020 to NatWest Group PLC -- a more trusted brand, the bank said Friday. Branches in Scotland will retain the RBS name.

RBS bought London-based NatWest in 2000 and branches in England still go by that name.

RBS was founded in Edinburgh in 1727 and was one of the largest banks in the world by assets before the financial crisis. Under the hard-driving leadership of Fred Goodwin, RBS expanded across three continents until it crashed in 2008 with a GBP24.1 billion annual loss, requiring a taxpayer bailout that saw the U.K. government assume control. The government still owns 62% of the bank.

RBS executives have spent the last decade scaling back operations by selling assets and cutting thousands of employees. The bank's assets had shrunk to GBP723 billion as of the end of 2019, from GBP2.4 trillion in 2008.

"Since the financial crisis and the bailout we have focused attention primarily on the NatWest brand," RBS Chairman Howard Davies told journalists. "We have exited a lot of the international business that was not profitable, and all of that was branded RBS, but that's now gone, " he said. "So it really makes no sense for us to continue to be called RBS, which was a concept designed for a global group of banks which we don't any longer have."

Ms. Rose, who took over as CEO in November after working at the bank for more than 25 years, announced the name change Friday as RBS published its financial results for 2019. Net profit rose 77% to GBP3.8 billion in 2019 from the year before and revenue rose 6% to GBP14.2 billion.

RBS shares were down 6.6% in London trading after the bank reported earnings.

Write to Simon Clark at


(END) Dow Jones Newswires

February 15, 2020 02:47 ET (07:47 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

1 Year Royal Bank of Scotland Chart

1 Year Royal Bank of Scotland Chart

1 Month Royal Bank of Scotland Chart

1 Month Royal Bank of Scotland Chart
ADVFN Advertorial
Your Recent History
Royal Bank..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20200528 12:55:26