NatWest sweeps RBS name under the carpet

The Royal Bank of Scotland Group plc today changed its name to NatWest Group plc.

The change of name has been registered at Companies House in Edinburgh and is effective from today.

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

“Trading in NatWest Group plc’s ordinary shares on the London Stock Exchange under the new name and an updated ticker (NWG) will commence from Thursday, 23 July 2020,” said the company.

“Trading in NatWest Group plc’s ADRs on the New York Stock Exchange under the new name and an updated ticker (NWG) will also commence from Thursday, 23 July 2020.

“Existing share certificates remain valid and no new share certificates are being issued.

“The International Securities Identification Number (ISIN) will not change.

“Any debt instruments issued in the name of The Royal Bank of Scotland Group plc will now be in the name of NatWest Group plc.

“The change of name does not result in any change of issuer or guarantor under any outstanding externally-issued debt instruments, including the debt instruments issued by NatWest Markets Plc (some of which are guaranteed by The Royal Bank of Scotland Group plc, which has been renamed to NatWest Group plc), NatWest Markets N.V. and National Westminster Bank Plc.

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

NatWest Group CEO Alison Rose said: “This is a historic day for our bank as we become NatWest Group plc.

“Although there will be no changes to our customer brands, it’s a symbolic moment for our colleagues and stakeholders.

“The bank has changed fundamentally over the last decade and now is the right time to align our group name with the brand under which the majority of our business is delivered.

“While what we are called is important, it’s how we do business that defines us.

“In these most challenging of circumstances, we have put in place extraordinary measures to support our customers, colleagues and communities throughout the COVID-19 crisis.

“Further tests are sure to come.

“However, by establishing even deeper relationships with our customers and partners and building on the strong foundations we’ve put in place over the past ten years, NatWest Group will help the people, families and businesses we serve to recover, rebuild and, ultimately, thrive.

“We are building a sustainable and purposeful business that champions the potential of our customers at every stage of their lives, delivers for our stakeholders and plays a positive role in our society.”