Royal Bank of Scotland is considering ditching its corporate name after suffering severe reputational damage from the financial crisis and ten years of painful restructuring, according to the bank’s chairman.
Sir Howard Davies told The Times that the RBS name was “under review” as the bank had now resolved most of its historical problems and was shifting its focus to investing in its other brands — Natwest, Coutts and Ulster Bank.
Speaking ten years after Sir Tom McKillop, the chairman at the time, appealed to the chancellor Alistair Darling on October 7, 2008 for emergency funding to prevent the bank’s collapse, Sir Howard said that the reputational damage to RBS from the bailout and its aftermath had been “very serious”.
The Labour government had to