Skip to main content
  • Register
  • Help
  • Contact us
  • Log out of your HL account

RBS to slash investment bank, rebrand as NatWest

Rose, the first woman to lead one of Britain's major banks, is hoping a rebrand will help shift the lender's image away from its 45 billion pound bailout in the 2008 financial crisis.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Royal Bank of Scotland's new Chief Executive Alison Rose unveiled a new strategy for the taxpayer-backed bank on Friday, including radically cutting back the size of its loss-making investment bank and renaming the company NatWest.

Rose, the first woman to lead one of Britain's major banks, is hoping a rebrand will help shift the lender's image away from its 45 billion pound bailout in the 2008 financial crisis.

The strategy includes plans to halve investment bank NatWest Markets' risk weighted assets to 20 billion pounds ($26.10 billion) and a string of green targets such as halving the impact of the bank's climate financing by 2030.

Royal Bank of Scotland Group plc

Sell: 207.90 | Buy: 208.10 positive 2.00 (0.97%)
Graph
Prices delayed by at least 15 minutes.

The lender reported better than expected pre-tax profit of 4.2 billion pounds for 2019, 24% higher than 2018 and above the 3.8 billion pounds average of analysts' forecasts compiled by the bank.

But the results were dented by a loss at NatWest Markets of 121 million pounds and a previously announced 900 million pound provision to compensate customers mis-sold loan insurance, part of a wider industry scandal.

The bank announced a dividend of 8 pence for the fourth quarter. ($1 = 0.7663 pounds) (Reporting by Iain Withers and Lawrence White Editing by Rachel Armstrong)


Copyright (2020) Thomson Reuters. This article was from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Free news email alerts

  • Daily and weekly news
  • Major Publishers
Register