Royal Bank Of Scotland To Change Its Name For The First Time In 300 Years

Royal Bank of Scotland Group Plc (RBS) will be renamed NatWest Group Plc in 2020, the bank’s press service said. Royal Bank of Scotland was founded in 1727 and has not changed its name for almost 300 years.

RBS CEO Alison Rose, who took office in November 2019, announced further cost reductions. She explained that the results of management’s work are not yet fully consistent with the potential and that the bank should better support customers at key moments in their lives.

Rose became the first woman to head a large British bank.

In 2018, in accordance with the new law on the distinction between financial and retail banking in the UK, RBS allocated investment banking to a separate legal entity, called NatWest Markets Plc.

RBS was nationalized after the financial crisis in 2008. Financial assistance to the bank from taxpayers amounted to £ 45.5 billion in exchange for 81% of its shares. At the same time, the government gradually reduced its stake in the bank by selling its shares (the last time this was done in mid-2018).

In the fourth quarter of 2019, RBS net profit amounted to 1.41 billion pounds against 286 million pounds for the same period a year earlier, the bank said on Friday. Pretax profits rose to 1.55 billion pounds from 572 million pounds.

At the end of 2019, pre-tax profit increased to 4.23 billion pounds from 3.36 billion pounds in the previous year. Analysts surveyed by FactSet analysts had an average forecast of £ 4.07 billion.

The core capital adequacy ratio (Tier 1) as of December 31 was 16.2%, as in the previous year.

The Bank reduced the amount of dividends to 3 pence per share from 3.5 pence following the results of the previous year, special dividends to 5 pence from 7.5 pence.

RBS stock quotes at auction on Friday fall by 4.5%. Last year, their price decreased by 22%.

source: rbs.com

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