The financial institution mentioned the name alter types component of a strategy to align by itself “with the brand beneath which the greater part of our business enterprise is delivered”, with all over 80% of its shopper foundation coming from Natwest
Natwest Group PLC has concluded its name alter from Group PLC (), adding that its LSE-listed shares will alter to the new name with a new ticker ‘NWG’ from Thursday.
“This is a historic day for our financial institution as we come to be NatWest Group plc. Although there will be no variations to our shopper brands, it can be a symbolic minute for our colleagues and stakeholders. The financial institution has altered fundamentally about the past ten years and now is the correct time to align our group name with the brand beneath which the greater part of our business enterprise is delivered”, mentioned chief govt Alison Rose.
“While what we are known as is vital, it can be how we do business enterprise that defines us…We are developing a sustainable and purposeful business enterprise that champions the potential of our customers at every single stage of their life, provides for our stakeholders and plays a constructive function in our society”, she included.
The banking giant, which also owns the Queen’s financial institution Coutts and is component-owned by the United kingdom taxpayer, mentioned past Thursday that it will keep the RBS brand at its Scottish branches but work as NatWest in its other marketplaces.
It also mentioned at the time that the name alter options fashioned component of a strategy to align its group name “with the brand beneath which the greater part of our business enterprise is delivered”, as all over 80% of the company’s shopper foundation originates from its Natwest division.
However, the name alter may also be a transfer by the financial institution to at last draw a line beneath the lingering toxicity of its RBS name, which has continued to pervade considering that the 2008 monetary disaster amid a litany of scandals about payment security insurance (PPI), fee fixing and the conduct of its International Restructuring Group (GRG) business enterprise unit.
A report printed by the Economic Carry out Authority (FCA) past 12 months found that GRG experienced mistreated tiny and medium sized businesses (SMEs) which were transferred to its control following the crash, with an independent overview also uncovering proof of options to drain businesses of dollars in buy to receive belongings and fairness and increase bonuses for specified workers.
Rebrands: the very good, the poor and the hideous
RBS’s rebrand also is the most recent chapter in the chequered heritage of significant corporate revamps.
Perhaps one particular of the additional popular examples of a rebrand gone mistaken was the 2001 name alter of Royal Mail Group PLC () to ‘Consignia’, component of a strategy by then chief govt John Roberts to broaden the scope of the business enterprise and attempt to force into global marketplaces.
The £2mln rebrand turned an prompt laughing stock and lasted all over sixteen months ahead of it was canned, with Roberts himself becoming consigned to the record of former CEOs of the organization shortly following.
While Royal Mail’s small-lived rebrand was component of an hard work to search to the long run of the business enterprise, the rebrand of Arthur Anderson’s consulting arm to in 2001 was, significantly like RBS, a bid to slice the firm off from its toxic previous.
After one particular of the most broadly revered accountancy companies, Arthur Anderson’s standing was remaining in tatters following its function in the personal bankruptcy of US energy giant Enron, which was found to have utilised questionable accounting techniques to hide financial debt off its equilibrium sheet which experienced been signed off by Anderson’s accountants.
However, some corporate rebrands have additional mundane goals in mind, these kinds of as the 2015 rebrand of research motor giant Google to ().
The tech organization fashioned Alphabet as a mum or dad to the core research motor business enterprise, which stays its largest asset, while also allowing for it to scale the administration of its other business enterprise arms, quite a few of which include study & advancement companies generating technological innovation relevant to self-driving cars and other so-known as ‘moon-shot’ initiatives.
Shares in Natwest Group, which are still buying and selling beneath the ‘RBS’ ticker, were .4% lower at 121p in mid-afternoon buying and selling on Wednesday.
–Provides affirmation of name alter, updates share value–