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RBS changes its name as profits jump

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Royal Bank of Scotland (RBS) Group has reported a close to doubling of annual profits and says it plans to modify its name later this yr.

The financial institution reported profits of £3.1bn for 2019, just about double the £1.6bn noticed the yr earlier than.

The Edinburgh-based financial institution additionally introduced it will be renaming itself as NatWest Group.

New RBS leader govt Alison Rose referred to as the effects the “start of a new era” for the financial institution.

Ms Rose advised the BBC’s Today programme that the name alternate would no longer lead to any alternate in products and services for RBS or NatWest shoppers.

About 80% of the financial institution’s shoppers are idea to make use of NatWest.

The financial institution additionally introduced it used to be dedicated to “at least halve the climate impact” of its financing process via 2030.

This is leader govt Ms Rose’s first set of effects for the lender. She turned into the primary feminine boss of a big High Street financial institution when she used to be appointed final yr.

The financial institution used to be rescued via the federal government in 2008 within the aftermath of the monetary disaster at a price of £45bn and it’s nonetheless 62% state-owned.

About the author

Sharan Stone

Sharan Stone

Sharan Stone has worked as a journalist for nearly a decade and has contributed to several large publications including the Yahoo News and the Oakland Tribune. As a founder and journalist for Market Research News, Sharon covers national and international developments.You can contact her at sharon@marketresearchnews.org

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