RBS has reported a 27% rise in pre-tax operating profit for 2019 to GBP 4.2 bln as management announced renaming the bank NatWest.
The bank remains 62% owned by the UK government after being bailed out at the height of the financial crisis. RBS bounced back from a poor third quarter to post a profit of GBP 1.4 billion in the final three months of the year, ahead of expectations. The bank had suffered an unexpected loss in the third quarter, after a spike in PPI claims and a slump at its trading division, Natwest Markets.
As part of the strategy rethink, RBS will also ditch its name and rebrand as NatWest Group. The company has been transitioning away from the RBS brand for several years in a bid to distance itself from the bank’s financial crisis legacy.
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