Royal Bank of Scotland Group PLC to rebrand as Natwest Group PLC next Wednesday
The bank explained the identify change types section of a tactic to align by itself “with the model underneath which the greater part of our organization is delivered”, with all over 80% of its customer foundation coming from Natwest
Team PLC () has explained it will formally rebrand by itself as Natwest Team PLC from July 22, retaining the RBS model at its Scottish branches but running as NatWest in its other markets.
The banking huge, which also owns the Queen’s bank Coutts and is section-owned by the United kingdom taxpayer, explained it will make a subsequent announcement when the identify change requires result, whilst its ticker on the LSE will also change.
Study: RBS extends incentivised switching scheme deadline for businesses
RBS explained the identify change plans type section of a tactic to align its group identify “with the model underneath which the greater part of our organization is delivered”, as all over 80% of the company’s customer foundation originates from its Natwest division.
Nonetheless, the identify change could also be a go by the bank to eventually attract a line underneath the lingering toxicity of its RBS identify, which has continued to pervade due to the fact the 2008 financial crisis amid a litany of scandals above payment safety insurance plan (PPI), rate repairing and the conduct of its Worldwide Restructuring Team (GRG) organization unit.
A report posted by the Economical Carry out Authority (FCA) previous year located that GRG had mistreated little and medium sized businesses (SMEs) which ended up transferred to its regulate soon after the crash, with an independent critique also uncovering evidence of plans to drain businesses of cash in buy to receive belongings and equity and boost bonuses for certain workers.
Rebrands: the excellent, the negative and the unsightly
RBS’s imminent rebrand also is the hottest chapter in the chequered record of important corporate rebrands.
Maybe a single of the a lot more renowned examples of a rebrand long gone incorrect was the 2001 identify change of Royal Mail Team PLC () to ‘Consignia’, section of a tactic by then main government John Roberts to extend the scope of the organization and endeavor to push into international markets.
The £2mln rebrand grew to become an immediate laughing inventory and lasted all over sixteen months just before it was canned, with Roberts himself staying consigned to the listing of former CEOs of the firm shortly soon after.
While Royal Mail’s small-lived rebrand was section of an hard work to glance to the upcoming of the organization, the rebrand of Arthur Anderson’s consulting arm to in 2001 was, much like RBS, a bid to slice the corporation off from its harmful past.
When a single of the most extensively highly regarded accountancy companies, Arthur Anderson’s standing was still left in tatters subsequent its function in the personal bankruptcy of US energy huge Enron, which was located to have used questionable accounting procedures to cover financial debt off its equilibrium sheet which had been signed off by Anderson’s accountants.
Nonetheless, some corporate rebrands have a lot more mundane ambitions in intellect, this sort of as the 2015 rebrand of search engine huge Google to ().
The tech firm shaped Alphabet as a mum or dad to the core search engine organization, which continues to be its most significant asset, whilst also making it possible for it to scale the management of its other organization arms, numerous of which involve investigation & growth companies making technological know-how linked to self-driving automobiles and other so-referred to as ‘moon-shot’ assignments.
Shares in RBS ended up .4% reduce at 121p in mid-afternoon trading on Thursday.
