The lender mentioned the title alter sorts portion of a tactic to align by itself “with the brand name beneath which the majority of our enterprise is delivered”, with all-around eighty% of its purchaser foundation coming from Natwest
Natwest Group PLC has accomplished its title alter from Group PLC (), adding that its LSE-shown shares will alter to the new title with a new ticker ‘NWG’ from Thursday.
“This is a historic day for our lender as we come to be NatWest Group plc. Even though there will be no alterations to our purchaser models, it is a symbolic moment for our colleagues and stakeholders. The lender has altered fundamentally in excess of the past 10 years and now is the right time to align our group title with the brand name beneath which the majority of our enterprise is delivered”, mentioned main executive Alison Rose.
“While what we are known as is significant, it is how we do enterprise that defines us…We are developing a sustainable and purposeful enterprise that champions the prospective of our customers at every single phase of their lives, delivers for our stakeholders and performs a beneficial function in our society”, she added.
The banking big, which also owns the Queen’s lender Coutts and is portion-owned by the Uk taxpayer, mentioned past Thursday that it will retain the RBS brand name at its Scottish branches but operate as NatWest in its other marketplaces.
It also mentioned at the time that the title alter strategies shaped portion of a tactic to align its group title “with the brand name beneath which the majority of our enterprise is delivered”, as all-around eighty% of the company’s purchaser foundation originates from its Natwest division.
Even so, the title alter might also be a transfer by the lender to eventually draw a line beneath the lingering toxicity of its RBS title, which has ongoing to pervade given that the 2008 financial disaster amid a litany of scandals in excess of payment protection insurance (PPI), charge repairing and the behaviour of its World-wide Restructuring Group (GRG) enterprise device.
A report printed by the Economic Carry out Authority (FCA) past year found that GRG experienced mistreated little and medium sized firms (SMEs) which were being transferred to its regulate just after the crash, with an unbiased overview also uncovering evidence of strategies to drain firms of cash in order to get property and equity and boost bonuses for specified staff members.
Rebrands: the superior, the negative and the unattractive
RBS’s rebrand also is the most current chapter in the chequered historical past of major company revamps.
Maybe just one of the much more famed examples of a rebrand gone erroneous was the 2001 title alter of Royal Mail Group PLC () to ‘Consignia’, portion of a tactic by then main executive John Roberts to extend the scope of the enterprise and attempt to press into intercontinental marketplaces.
The £2mln rebrand turned an prompt laughing stock and lasted all-around sixteen months prior to it was canned, with Roberts himself getting consigned to the record of former CEOs of the organization soon just after.
While Royal Mail’s quick-lived rebrand was portion of an work to glance 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 slice the company off from its toxic earlier.
The moment just one of the most broadly respected accountancy firms, Arthur Anderson’s reputation was remaining in tatters adhering to its function in the personal bankruptcy of US vitality big Enron, which was found to have applied questionable accounting tactics to hide financial debt off its stability sheet which experienced been signed off by Anderson’s accountants.
Even so, some company rebrands have much more mundane ambitions in intellect, these kinds of as the 2015 rebrand of lookup engine big Google to ().
The tech organization shaped Alphabet as a parent to the main lookup engine enterprise, which remains its major asset, whilst also allowing it to scale the administration of its other enterprise arms, quite a few of which include investigation & enhancement firms making technology linked to self-driving vehicles and other so-known as ‘moon-shot’ jobs.
Shares in Natwest Group, which are however trading beneath the ‘RBS’ ticker, were .4% decrease at 121p in mid-afternoon trading on Wednesday.
–Provides confirmation of title alter, updates share cost–