The financial institution mentioned the title modify types aspect of a method to align itself “with the brand name underneath which the majority of our company is delivered”, with all around eighty% of its customer base coming from Natwest
Natwest Team PLC has concluded its title modify from Team PLC (), adding that its LSE-outlined shares will modify to the new title with a new ticker ‘NWG’ from Thursday.
“This is a historic working day for our financial institution as we turn out to be NatWest Team plc. While there will be no improvements to our customer brands, it can be a symbolic instant for our colleagues and stakeholders. The financial institution has modified fundamentally about the last 10 years and now is the ideal time to align our group title with the brand name underneath which the majority of our company is delivered”, mentioned main executive Alison Rose.
“While what we are named is important, it can be how we do company that defines us…We are developing a sustainable and purposeful company that champions the likely of our prospects at every phase of their lives, delivers for our stakeholders and performs a optimistic role in our society”, she included.
The banking giant, which also owns the Queen’s financial institution Coutts and is aspect-owned by the Uk taxpayer, mentioned last Thursday that it will keep the RBS brand name at its Scottish branches but operate as NatWest in its other markets.
It also mentioned at the time that the title modify programs fashioned aspect of a method to align its group title “with the brand name underneath which the majority of our company is delivered”, as all around eighty% of the company’s customer base originates from its Natwest division.
Nonetheless, the title modify may perhaps also be a go by the financial institution to lastly attract a line underneath the lingering toxicity of its RBS title, which has ongoing to pervade since the 2008 economic disaster amid a litany of scandals about payment safety insurance coverage (PPI), fee repairing and the behaviour of its Worldwide Restructuring Team (GRG) company unit.
A report revealed by the Economical Carry out Authority (FCA) last 12 months identified that GRG experienced mistreated little and medium sized firms (SMEs) which ended up transferred to its regulate immediately after the crash, with an independent evaluation also uncovering proof of programs to drain firms of money in purchase to get property and equity and boost bonuses for certain staff.
Rebrands: the fantastic, the bad and the unattractive
RBS’s rebrand also is the hottest chapter in the chequered history of main company revamps.
Most likely one particular of the far more well-known illustrations of a rebrand long gone incorrect was the 2001 title modify of Royal Mail Team PLC () to ‘Consignia’, aspect of a method by then main executive John Roberts to expand the scope of the company and attempt to press into international markets.
The £2mln rebrand grew to become an prompt laughing stock and lasted all around sixteen months prior to it was canned, with Roberts himself becoming consigned to the record of former CEOs of the firm shortly immediately after.
Although Royal Mail’s shorter-lived rebrand was aspect of an effort and hard work to glimpse to the long run of the company, the rebrand of Arthur Anderson’s consulting arm to in 2001 was, a great deal like RBS, a bid to minimize the enterprise off from its harmful past.
Once one particular of the most widely revered accountancy companies, Arthur Anderson’s status was left in tatters pursuing its role in the bankruptcy of US electricity giant Enron, which was identified to have made use of questionable accounting procedures to conceal financial debt off its harmony sheet which experienced been signed off by Anderson’s accountants.
Nonetheless, some company rebrands have far more mundane goals in head, this sort of as the 2015 rebrand of research engine giant Google to ().
The tech firm fashioned Alphabet as a parent to the main research engine company, which continues to be its greatest asset, even though also allowing for it to scale the administration of its other company arms, quite a few of which consist of research & development companies developing technological innovation linked to self-driving autos and other so-named ‘moon-shot’ assignments.
Shares in Natwest Team, which are continue to buying and selling underneath the ‘RBS’ ticker, were .4% lessen at 121p in mid-afternoon buying and selling on Wednesday.
–Adds affirmation of title modify, updates share price tag–