The financial institution mentioned the name improve forms section of a system to align itself “with the manufacturer less than which the bulk of our business is delivered”, with about 80% of its customer base coming from Natwest
Group PLC () has mentioned it will officially rebrand itself as Natwest Group PLC from July 22, retaining the RBS manufacturer at its Scottish branches but running as NatWest in its other markets.
The banking huge, which also owns the Queen’s financial institution Coutts and is section-owned by the United kingdom taxpayer, mentioned it will make a subsequent announcement when the name improve usually takes influence, whilst its ticker on the LSE will also improve.
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RBS mentioned the name improve ideas kind section of a system to align its team name “with the manufacturer less than which the bulk of our business is delivered”, as about 80% of the company’s customer base originates from its Natwest division.
Having said that, the name improve may perhaps also be a transfer by the financial institution to at last draw a line less than the lingering toxicity of its RBS name, which has continued to pervade because the 2008 financial crisis amid a litany of scandals around payment protection insurance policies (PPI), level fixing and the conduct of its World-wide Restructuring Group (GRG) business device.
A report released by the Economic Carry out Authority (FCA) very last 12 months identified that GRG had mistreated tiny and medium sized firms (SMEs) which were transferred to its control right after the crash, with an impartial overview also uncovering proof of ideas to drain firms of income in get to get belongings and equity and improve bonuses for specific employees.
Rebrands: the fantastic, the bad and the ugly
RBS’s imminent rebrand also is the latest chapter in the chequered heritage of important company rebrands.
Potentially just one of the more well-known illustrations of a rebrand gone incorrect was the 2001 name improve of Royal Mail Group PLC () to ‘Consignia’, section of a system by then main executive John Roberts to expand the scope of the business and attempt to push into intercontinental markets.
The £2mln rebrand grew to become an fast laughing stock and lasted about sixteen months prior to it was canned, with Roberts himself staying consigned to the record of previous CEOs of the organization shortly right after.
Although Royal Mail’s small-lived rebrand was section of an exertion to glimpse to the long term of the business, the rebrand of Arthur Anderson’s consulting arm to in 2001 was, much like RBS, a bid to minimize the business off from its toxic past.
As soon as just one of the most broadly respected accountancy corporations, Arthur Anderson’s reputation was remaining in tatters pursuing its position in the personal bankruptcy of US electricity huge Enron, which was identified to have used questionable accounting tactics to disguise credit card debt off its equilibrium sheet which had been signed off by Anderson’s accountants.
Having said that, some company rebrands have more mundane ambitions in mind, these as the 2015 rebrand of search engine huge Google to ().
The tech organization formed Alphabet as a mother or father to the main search engine business, which remains its premier asset, whilst also letting it to scale the management of its other business arms, numerous of which contain exploration & advancement corporations building engineering connected to self-driving automobiles and other so-referred to as ‘moon-shot’ tasks.
Shares in RBS were .4% decreased at 121p in mid-afternoon buying and selling on Thursday.