April 22, 2024

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

The bank stated the name improve kinds element of a method to align itself “with the brand name less than which the the greater part of our business enterprise is delivered”, with around eighty{744e41c82c0a3fcc278dda80181a967fddc35ccb056a7a316bb3300c6fc50654} of its client base coming from Natwest

Natwest Team PLC has concluded its name improve from Team PLC (), adding that its LSE-stated shares will improve to the new name with a new ticker ‘NWG’ from Thursday.

“This is a historic day for our bank as we grow to be NatWest Team plc. Though there will be no changes to our client brand names, it is really a symbolic second for our colleagues and stakeholders. The bank has improved fundamentally about the past ten years and now is the correct time to align our team name with the brand name less than which the the greater part of our business enterprise is delivered”, stated main govt Alison Rose.

“While what we are called is essential, it is really how we do business enterprise that defines us…We are constructing a sustainable and purposeful business enterprise that champions the possible of our prospects at each stage of their life, delivers for our stakeholders and plays a optimistic job in our society”, she extra.

The banking huge, which also owns the Queen’s bank Coutts and is element-owned by the Uk taxpayer, stated past Thursday that it will keep the RBS brand name at its Scottish branches but function as NatWest in its other marketplaces.

It also stated at the time that the name improve plans formed element of a method to align its team name “with the brand name less than which the the greater part of our business enterprise is delivered”, as around eighty{744e41c82c0a3fcc278dda80181a967fddc35ccb056a7a316bb3300c6fc50654} of the company’s client base originates from its Natwest division.

However, the name improve could also be a transfer by the bank to at last draw a line less than the lingering toxicity of its RBS name, which has ongoing to pervade since the 2008 financial disaster amid a litany of scandals about payment security insurance policies (PPI), amount repairing and the conduct of its World Restructuring Team (GRG) business enterprise unit.

A report posted by the Economic Conduct Authority (FCA) past year identified that GRG experienced mistreated small and medium sized organizations (SMEs) which were being transferred to its regulate soon after the crash, with an unbiased evaluation also uncovering evidence of plans to drain organizations of hard cash in buy to obtain belongings and equity and strengthen bonuses for certain workforce.

Rebrands: the excellent, the lousy and the unpleasant

RBS’s rebrand also is the hottest chapter in the chequered heritage of main company revamps.

Most likely just one of the extra famous illustrations of a rebrand long gone mistaken was the 2001 name improve of Royal Mail Team PLC () to ‘Consignia’, element of a method by then main govt John Roberts to extend the scope of the business enterprise and endeavor to drive into international marketplaces.

The £2mln rebrand grew to become an immediate laughing stock and lasted around sixteen months just before it was canned, with Roberts himself getting consigned to the record of previous CEOs of the agency soon soon after.

When Royal Mail’s brief-lived rebrand was element of an hard work to appear to the future of the business enterprise, the rebrand of Arthur Anderson’s consulting arm to in 2001 was, a lot like RBS, a bid to cut the company off from its harmful earlier.

At the time just one of the most commonly revered accountancy companies, Arthur Anderson’s status was remaining in tatters pursuing its job in the personal bankruptcy of US energy huge Enron, which was identified to have applied questionable accounting tactics to conceal debt off its equilibrium sheet which experienced been signed off by Anderson’s accountants.

However, some company rebrands have extra mundane ambitions in intellect, these kinds of as the 2015 rebrand of lookup engine huge Google to ().

The tech agency formed Alphabet as a dad or mum to the main lookup engine business enterprise, which stays its premier asset, when also making it possible for it to scale the administration of its other business enterprise arms, lots of of which involve investigation & progress companies developing know-how related to self-driving vehicles and other so-called ‘moon-shot’ initiatives.

Shares in Natwest Team, which are nevertheless trading less than the ‘RBS’ ticker, were .4{744e41c82c0a3fcc278dda80181a967fddc35ccb056a7a316bb3300c6fc50654} reduced at 121p in mid-afternoon trading on Wednesday.

–Provides affirmation of name improve, updates share price tag–