RBS is changing its name to NatWest - here’s why and what it means for customers

This is what the change of name means for the bank (Photo: Shutterstock)

Royal Bank of Scotland (RBS) has announced that it will be changing its name to NatWest, with the change expected to take effect later this year.

This is what you need to know about the bank’s change of name, why it’s happening and how it will affect customers.

Change of name

The Royal Bank of Scotland Group said that it would be renaming itself as NatWest Group.

The Edinburgh banked bank also owns NatWest and Ulster Bank in addition to RBS.

RBS announced that they intended for the name-change to “be legally effective later this year”.

Why is this happening?

The announcement explained, “Given the Group’s progress, solid financial footing and the forward-looking strategy it is now implementing, it makes sense to put in place a Group name with the brand under which the majority of our business is delivered.

“NatWest represents approximately 80 per cent of our customer base.”

It is thought that the rebrand is hoping to steer the banks image away from its association with the financial crisis it has suffered in the past. The bank was rescued by the government in 2008.