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| RBS Group to change its name to NatWest | 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. | 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 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. |
| It is thought that Ms Rose is hoping a rebrand will help shift the lender's image away from its association with the financial crisis. | It is thought that Ms Rose is hoping a rebrand will help shift the lender's image away from its association with the financial crisis. |
| 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. |
| 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. Names of individual NatWest and RBS branches will remain the same. | |
| She also said that the name change would not result in any job cuts across the group. | 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. | 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. |
| Crucial questions unanswered | Crucial questions unanswered |
| Today's announcement was not just the first set of full-year results unveiled by new chief executive Alison Rose but also the long-awaited unveiling of her strategy. | Today's announcement was not just the first set of full-year results unveiled by new chief executive Alison Rose but also the long-awaited unveiling of her strategy. |
| But many crucial questions remain unanswered, with Ms Rose failing to address recent press reports that claimed job cuts may be in store. | But many crucial questions remain unanswered, with Ms Rose failing to address recent press reports that claimed job cuts may be in store. |
| RBS was the subject of a £45bn state bailout during the financial crisis, and remains 62% taxpayer-owned. A 25-year veteran of the bank, Alison Rose is one of the few senior executives left from the pre-crisis era, when former boss Fred Goodwin's overambitious expansion plans left the bank in a perilous state. | RBS was the subject of a £45bn state bailout during the financial crisis, and remains 62% taxpayer-owned. A 25-year veteran of the bank, Alison Rose is one of the few senior executives left from the pre-crisis era, when former boss Fred Goodwin's overambitious expansion plans left the bank in a perilous state. |
| More than a decade on, it falls to her to complete the clean-up operation. She says the name change for the parent company marks a new era, but the real challenge is to prove she can get the bank back into a state where the remaining stake can be sold without incurring a hefty loss for taxpayers. | More than a decade on, it falls to her to complete the clean-up operation. She says the name change for the parent company marks a new era, but the real challenge is to prove she can get the bank back into a state where the remaining stake can be sold without incurring a hefty loss for taxpayers. |
| RBS also announced it was committed to "at least halve the climate impact" of its financing activity by 2030. | RBS also announced it was committed to "at least halve the climate impact" of its financing activity by 2030. |
| It says it will stop lending to coal companies by the end of the decade. | It says it will stop lending to coal companies by the end of the decade. |
| The bank also confirmed it would make its own operations "net carbon zero" by the end of this year. | The bank also confirmed it would make its own operations "net carbon zero" by the end of this year. |
| 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. | 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. |