RBS Group is changing its name to NatWest – here’s what it means for customers
THE Royal Bank of Scotland (RBS) Group is changing its name to the NatWest Group but the banking giant says there's no change for customers.
Coutts, NatWest, RBS, and Ulster Bank will remain the brands operating within the group, with RBS saying it's just the group name that's changing.
New boss Alison Rose says the major re-branding, which will take place later this year, is to reflect the fact that 80 per cent of the group's customer base is under the NatWest brand.
But she adds that there's no change for customers and staff.
All communication customers receive from their bank will continue to come from the individual brand they're signed up to.
While branches will continue to be branded as they are now with no impact on jobs.
Chairman of the group, Howard Davies, said: “The Board has decided that it is the right time to align the parent name with the brand under which the 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.”
The announcement comes as part of the group's annual financial results published today.
It reported better than expected pre-tax profit of £4.2billion for 2019 - up 26 per cent compared to £3.4billion in 2018.
But the results were dented by a loss at the group's investment arm, NatWest Markets, of £121million, and a previously announced £900million provision to compensate customers mis-sold PPI.
Ms Rose said: “Today marks the start of a new era for our bank as we announce our new purpose - to champion potential, helping people, families and businesses to thrive."
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RBS and NatWest have recently come under fire for hiking overdraft fees up to 40 per cent from 20 per cent.
The banks are also scrapping cashback on bills for 1.7million customers.
But NatWest will pay you £175 if you switch your main bank account to it.