The Royal Bank of Scotland Group plc said on Thursday that its name change to NatWest Group plc will take effect on Wednesday, July 22, 2020.

RBS was rescued in a £45.5 billion bailout in 2008 by the UK government, which still owns 62.4% of the bank.

In a stock exchange statement, RBS said: “On 14 February 2020, The Royal Bank of Scotland Group plc announced that it is intended to be renamed ‘NatWest Group plc.’

“Following that announcement, RBS today announces that the change of name is intended to take effect on Wednesday 22 July 2020, subject to registration of the name change at Companies House in Edinburgh.

“A subsequent announcement will be made when the name change becomes effective, which will also provide an update regarding trading under RBS’s revised tickers.

“Until the publication of such an announcement, trading will continue under the existing tickers.

“No action is required on the part of any equity or debt holders with respect to their rights as an equity or debt holder.”