By Aisling Finn on Friday 14 February 2020
The name change comes amidst several top management changes, with RBS having recently appointed the current CEO of Mettle, Marieke Flament as the CEO of Bó.
RBS announced today that it is renaming its parent company, The Royal Bank of Scotland Group plc to Natwest Group plc.
The bank has recently experienced some turbulence, with the news that RBS’ digital bank Bó will have to reissue 6,000 customer cards following an oversight in their authentication software.
Howard Davies, chairman of RBS, said: “The Board has decided that it is the right time to align the parent name with the brand under which a great majority of our business is delivered.
“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”, Davies added.
The news comes after the bank announced that it had nearly doubled its profits to £3.1bn in 2019 from £1.6bn in 2018.
Recently appointed CEO Alison Rose described the move as the “start of a new era”.
RBS was bailed out by the Government following the 2008 financial crisis for £45bn and is still 62 per cent state-owned.
Rose added that individual branches will remain the same and the name change will not cause any job losses.