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RBS Group to change its name to NatWest | |
(32 minutes later) | |
Royal Bank of Scotland (RBS) Group has said it plans to change its name later this year, as it reported a near doubling of annual profits. | |
The Edinburgh-based bank, which owns RBS, NatWest and Ulster Bank, said it would rename itself as NatWest Group. | |
The bank reported profits of £3.1bn for 2019, nearly double the £1.6bn seen the year before. | The bank reported profits of £3.1bn for 2019, nearly double the £1.6bn seen the year before. |
New RBS chief executive Alison Rose called the results the "start of a new era" for the bank. | New RBS chief executive Alison Rose called the results the "start of a new era" for the bank. |
Ms Rose told the BBC's Today programme that the name change would not alter any services for RBS or NatWest customers. About 80% of the bank's customers are thought to use NatWest. | |
She also said that the name change would not result in any job cuts across the group. | |
This is Ms Rose's first set of results for the lender. She became the first female boss of a major High Street bank when she was appointed last year. | |
The bank was rescued by the government in 2008 in the aftermath of the financial crisis at a cost of £45bn and it is still 62% state-owned. | The bank was rescued by the government in 2008 in the aftermath of the financial crisis at a cost of £45bn and it is still 62% state-owned. |
RBS also announced it was committed to "at least halve the climate impact" of its financing activity by 2030. | |
The bank said it would make its own operations "net carbon zero" by the end of 2020. | |
That follows on from a pledge by Lloyds Banking Group to halve the amount of carbon emissions it finances through personal and business loans by 2030. |