Reputation still an issue
Royal Bank of Scotland may ditch name says chairman
Workmen removing the RBS sign from its London HQ last year
The Royal Bank of Scotland may get a new name after suffering a decade of damage its reputation.
Chairman Sir Howard Davies says the current name is now weighing on attempts to revive its fortunes and may have to be ditched.
He has confirmed that the name of the bank is now under review as it seeks greater focus on its portfolio of brands such as Coutts, Ulster Bank and Natwest.
The company announced a branding strategy in 2016 and last October removed its name from its London headquarters in Bishopsgate, replacing it with the NatWest brand. It has been home to RBS in London since 2007.
At the time it said it would promote the Royal Bank of Scotland brand north of the border. It has recently altered a television commercial from promoting the Royal Bank For Scotland to Royal Bank of Scotland.
There has been a view that since the crash the company has been effectively headquartered in London rather than Edinburgh and this may be fuelling a need for a rethink.
Sir Howard’s comments coincide with chief executive Ross McEwan admitting that it could take another 10 years for the bank’s tarnished reputation to recover.