The financial institution claimed the name alter varieties portion of a approach to align by itself “with the brand under which the greater part of our enterprise is delivered”, with about eighty{312eb768b2a7ccb699e02fa64aff7eccd2b9f51f6a579147b7ed58dbcded82a2} of its shopper base coming from Natwest
Natwest Team PLC has finished its name alter from Team PLC (), adding that its LSE-outlined 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 become NatWest Team plc. Despite the fact that there will be no changes to our shopper brands, it truly is a symbolic moment for our colleagues and stakeholders. The financial institution has transformed essentially in excess of the final 10 years and now is the suitable time to align our group name with the brand under which the greater part of our enterprise is delivered”, claimed chief govt Alison Rose.
“While what we are called is important, it truly is how we do enterprise that defines us…We are constructing a sustainable and purposeful enterprise that champions the potential of our clients at every stage of their lives, delivers for our stakeholders and performs a positive position in our society”, she added.
The banking big, which also owns the Queen’s financial institution Coutts and is portion-owned by the British isles taxpayer, claimed final Thursday that it will retain the RBS brand at its Scottish branches but work as NatWest in its other markets.
It also claimed at the time that the name alter strategies fashioned portion of a approach to align its group name “with the brand under which the greater part of our enterprise is delivered”, as about eighty{312eb768b2a7ccb699e02fa64aff7eccd2b9f51f6a579147b7ed58dbcded82a2} of the company’s shopper base originates from its Natwest division.
However, the name alter may well also be a move by the financial institution to last but not least attract a line under the lingering toxicity of its RBS name, which has continued to pervade considering the fact that the 2008 fiscal disaster amid a litany of scandals in excess of payment security insurance (PPI), rate repairing and the behaviour of its World wide Restructuring Team (GRG) enterprise unit.
A report published by the Financial Perform Authority (FCA) final 12 months identified that GRG experienced mistreated small and medium sized businesses (SMEs) which were being transferred to its control soon after the crash, with an independent evaluate also uncovering proof of strategies to drain businesses of funds in purchase to get assets and equity and enhance bonuses for specific employees.
Rebrands: the very good, the negative and the unappealing
RBS’s rebrand also is the latest chapter in the chequered heritage of main corporate revamps.
Probably a person of the a lot more renowned illustrations of a rebrand long gone improper was the 2001 name alter of Royal Mail Team PLC () to ‘Consignia’, portion of a approach by then chief govt John Roberts to broaden the scope of the enterprise and attempt to push into international markets.
The £2mln rebrand grew to become an prompt laughing stock and lasted about sixteen months prior to it was canned, with Roberts himself staying consigned to the checklist of previous CEOs of the organization soon soon after.
Whilst Royal Mail’s limited-lived rebrand was portion of an hard work to seem to the future of the enterprise, the rebrand of Arthur Anderson’s consulting arm to in 2001 was, a great deal like RBS, a bid to reduce the organization off from its toxic past.
As soon as a person of the most greatly respected accountancy corporations, Arthur Anderson’s reputation was still left in tatters adhering to its position in the individual bankruptcy of US energy big Enron, which was identified to have used questionable accounting tactics to cover credit card debt off its stability sheet which experienced been signed off by Anderson’s accountants.
However, some corporate rebrands have a lot more mundane ambitions in intellect, these as the 2015 rebrand of lookup motor big Google to ().
The tech organization fashioned Alphabet as a father or mother to the core lookup motor enterprise, which remains its largest asset, even though also allowing it to scale the administration of its other enterprise arms, many of which consist of analysis & development corporations developing know-how linked to self-driving cars and other so-called ‘moon-shot’ jobs.
Shares in Natwest Team, which are still trading under the ‘RBS’ ticker, were .4{312eb768b2a7ccb699e02fa64aff7eccd2b9f51f6a579147b7ed58dbcded82a2} decreased at 121p in mid-afternoon trading on Wednesday.
–Provides confirmation of name alter, updates share price tag–