Royal Bank of Scotland “will not be moving people out of Scotland” as a result of the recent decision to change its name to NatWest, the group’s chairman Howard Davies told the company’s AGM on Wednesday.

“Nor are there any planned changes about the location of our registered headquarters in Edinburgh,” said Davies.

RBS announced in February it plans to rename itself NatWest Group plc later this year.

Most of the RBS executive team has long been based in London.

Davies told the AGM: “The board decided this was the right time to align our parent name with the brand under which the great majority of our business is already delivered.

“Customers will see no change to the products or services they receive because of the name change, which will become effective later this year.

“Similarly, our employees will see no change to the way they work, and we will not be moving people out of Scotland as a result of this decision.”

On the current coronavirus crisis, Davies added: “Covid-19 has changed everything.

“Along with all other UK banks, RBS has seen its share price fall sharply, reflecting uncertainty about the economy and the prospect of lower interest rates for the foreseeable future …

“We can’t be sure how long the extraordinary measures that have been put in place will last, or the toll Covid-19 will take on our society and the economy. But we know the impact is likely to be stark and long-lasting.

“With the considerable resources at our disposal, this bank has a responsibility to take action and make a meaningful contribution to manage through this crisis and recover from it …”