The bank said it will now be known as NatWest Group Plc, shedding the 300-year-old Royal Bank of Scotland name.
The Edinburgh-based lender said 80% of its customers bank with NatWest, which RBS bought in 2000, rather than through RBS branches. RBS also owns Northern Ireland's Ulster Bank. The British government spent 45 billion pounds bailing out RBS after the 2008 crisis, and still owns a 62% stake in the bank.Chairman Howard Davies said that "as the bank has evolved from the financial crisis and the bailout, we have focused on the NatWest brand."
"We have exited a lot of the international business which were not profitable. That was branded RBS and that's gone," he said. "It really makes no sense for us to continue to be called RBS. It was designed for a global group of brands, which we no longer are."In this Friday, Aug. 3, 2012 file photo, a woman walks by an office of Royal Bank of Scotland in the City of London.
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