What Royal Bank of Scotland changing its name to NatWest means for customers

Scotland's biggest bank has announced plans to rebrand to NatWest later this year in a bid to draw a line under its troubled past.

Alison Rose, chief executive of The Royal Bank of Scotland, said the move will mean 80% of the group's customer base is under the NatWest brand.

It comes after the lender's near collapse in 2008 – when the Government was forced to bail it out.

But what does today's announcement mean for NatWest and RBS customers and should you expect any changes?

The Royal Bank of Scotland Group said despite the name change, there will be no major reshuffling taking place for customers.

Coutts, NatWest and Ulster Bank will remain the brands operating within the group, with RBS saying it's just the group name that's changing.

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All communication customers receive from their bank will continue to come from the individual brand they're signed up to.

Branches, meanwhile, 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.”

On Friday, RBS reported a pre-tax profit of £4.2billion for 2019 – up 26% 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.

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