RBS will cut investment banking and will change its name to NatWest

Royal Bank of Scotland has unveiled a new strategy that aims to reduce the size of the loss-making investment banking and renaming of the British Bank NatWest, writes Reuters.

the New CEO of RBS, Alison rose, who has held this post since November of 2019, hopes that the rebranding will help to restore the Bank’s image.

RBS, one of the largest banks in the country, was nationalized during the financial crisis of 2008. The lender has received financial assistance from taxpayers in the amount of 45.5 billion pounds.

Although the RBS brand will remain in Scotland, the Bank will cease to use the name, not changing over 293 years, at the group level and change it to NatWest. The new name is derived from the National Westminster Bank — this Bank was bought by RBS in 2000.

rose also plans to halve risk-weighted assets investment banking NatWest Markets up to 20 billion pounds (26,10 billion dollars).

the Bank reported a pretax profit of 4.2 billion pounds at the end of last year, 24% more than in 2018, and above analysts ‘ expectations.

At the same time, RBS reported a loss NatWest Markets in the amount of 121 million pounds.