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Friday, February 14, 2020

-=Royal Bank of Scotland Group (RBS) to be renamed as NatWest Group (NWG)

Royal Bank of Scotland Group PLC said Friday that it intends to rename itself as NatWest Group and reduce the size of its investment-banking business, as it reported an increased profit for the fourth quarter of 2019.

The majority-state-owned bank RBS said too much of its potential value is locked in business lines and business models that are “too complex and generating too little return” and it will reduce the size of its NatWest Markets investment-banking business by around a half.

NatWest Markets core income fell to 177 million pounds ($230 million) in 2019 from GBP1.08 billion a year earlier.

The British lender said that it expects between GBP800 million and GBP1.0 billion in strategic costs during 2020 resulting from a refocusing of NatWest Markets and cost cutting.

The London-listed bank made a quarterly pretax profit of GBP1.55 billion compared with GBP572 million for the same period a year earlier.

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