The bank stated the name alter forms portion of a approach to align alone “with the brand under which the majority of our enterprise is delivered”, with all around 80% of its shopper base coming from Natwest
Natwest Team PLC has done its name alter from Team PLC (), adding that its LSE-listed shares will alter to the new name with a new ticker ‘NWG’ from Thursday.
“This is a historic working day for our bank as we turn out to be NatWest Team plc. Though there will be no adjustments to our shopper manufacturers, it can be a symbolic instant for our colleagues and stakeholders. The bank has altered basically around the previous 10 years and now is the ideal time to align our team name with the brand under which the majority of our enterprise is delivered”, stated main govt Alison Rose.
“While what we are known as is important, it can be how we do enterprise that defines us…We are making a sustainable and purposeful enterprise that champions the prospective of our buyers at each phase of their lives, provides for our stakeholders and performs a favourable part in our society”, she added.
The banking giant, which also owns the Queen’s bank Coutts and is portion-owned by the United kingdom taxpayer, stated previous Thursday that it will keep the RBS brand at its Scottish branches but operate as NatWest in its other markets.
It also stated at the time that the name alter plans fashioned portion of a approach to align its team name “with the brand under which the majority of our enterprise is delivered”, as all around 80% of the company’s shopper base originates from its Natwest division.
On the other hand, the name alter may well also be a shift by the bank to finally draw a line under the lingering toxicity of its RBS name, which has continued to pervade considering the fact that the 2008 financial crisis amid a litany of scandals around payment security insurance policies (PPI), charge correcting and the behaviour of its World wide Restructuring Team (GRG) enterprise unit.
A report published by the Monetary Conduct Authority (FCA) previous year identified that GRG had mistreated modest and medium sized companies (SMEs) which were transferred to its management following the crash, with an independent overview also uncovering evidence of plans to drain companies of dollars in order to get assets and fairness and increase bonuses for particular employees.
Rebrands: the good, the terrible and the unsightly
RBS’s rebrand also is the newest chapter in the chequered heritage of major company revamps.
Possibly one particular of the far more well known examples of a rebrand absent completely wrong was the 2001 name alter of Royal Mail Team PLC () to ‘Consignia’, portion of a approach by then main govt John Roberts to expand the scope of the enterprise and try to push into intercontinental markets.
The £2mln rebrand grew to become an instant laughing inventory and lasted all around sixteen months just before it was canned, with Roberts himself becoming consigned to the record of former CEOs of the organization soon following.
While Royal Mail’s quick-lived rebrand was portion of an hard work to appear to the foreseeable future of the enterprise, the rebrand of Arthur Anderson’s consulting arm to in 2001 was, substantially like RBS, a bid to slash the firm off from its toxic past.
Once one particular of the most extensively revered accountancy firms, Arthur Anderson’s standing was remaining in tatters subsequent its part in the bankruptcy of US energy giant Enron, which was identified to have utilised questionable accounting practices to hide credit card debt off its harmony sheet which had been signed off by Anderson’s accountants.
On the other hand, some company rebrands have far more mundane goals in intellect, this kind of as the 2015 rebrand of look for engine giant Google to ().
The tech organization fashioned Alphabet as a mum or dad to the main look for engine enterprise, which remains its biggest asset, whilst also making it possible for it to scale the administration of its other enterprise arms, many of which incorporate research & growth firms building engineering similar to self-driving cars and other so-known as ‘moon-shot’ jobs.
Shares in Natwest Team, which are still investing under the ‘RBS’ ticker, were .4% lower at 121p in mid-afternoon investing on Wednesday.
–Provides confirmation of name alter, updates share price tag–