RBS to change its name to NatWest later in 2020

Tax-payer owned bank RBS is to change its name to NatWest Group later in 2020.

The move will form part of a major re-branding by new chief executive Alison Rose, the company said on Friday.

Royal Bank of Scotland, commonly abbreviated as RBS, is one of the retail banking subsidiaries of The Royal Bank of Scotland Group plc, together with NatWest and Ulster Bank.

In a market announcement, the lender also announced plans to hand over £600million to the Government, which owns 62% of the bank, in dividend payments as it hit a pretax profit of £4.23billion last year.

The payment will be made as part of a normal 3p dividend and a special dividend of 5p per share, as bosses said its preferred measure – return on tangible equity – hit 9.4%.

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