July 16, 2020 / 6:35 AM / 18 days ago

Royal Bank of Scotland bids farewell to tainted name on July 22

FILE PHOTO: Royal Bank of Scotland signs are seen at a branch of the bank, in London, Britain December 1, 2017. REUTERS/Peter Nicholls/File Photo

LONDON (Reuters) - Royal Bank of Scotland (RBS.L) will formally change its name to NatWest Group on July 22, in a move aimed at distancing the state-backed lender from its government bailout during the 2008/9 financial crisis.

The shake-up reflects the bank’s ongoing efforts to rebuild its reputation after its aggressive growth threatened to topple the UK financial system.

RBS was founded in Edinburgh in 1727 and went on to become one of the biggest banks in the world by assets before needing a 45.5 billion pound ($57.09 billion) taxpayer rescue in 2008.

The NatWest name was introduced in 1970 and remains one of the lender’s most trusted brands, scoring more highly on customer satisfaction benchmarks.

RBS said a further announcement will be made when the name change becomes effective.

($1 = 0.7969 pounds)

Reporting By Sinead Cruise; Editing by Rachel Armstrong

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