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MONEY

RBS brings back NatWest Markets name as part of ‘ring-fencing’

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Royal Bank of Scotland is renaming its investment bank NatWest Markets as part of its separation from the bank’s High Street operations.

On the High Street, NatWest will remain in England and Wales, while in Scotland it will be Royal Bank of Scotland.

The bank, which is still 73% owned by the taxpayer, must “ring-fence” its retail bank by 2019 under new rules.

The new structure “will better reflect who we are as a bank”, said chief executive Ross McEwan.

The NatWest Markets name was last used by NatWest securities, but scrapped when the bank was taken over by RBS at the turn of the century.

The bank is being forced to act under new rules designed to avoid a repeat of the 2008 financial crisis.

“Our proposed future structure under the ring-fencing legislation and our brand strategy are key elements of the bank we are becoming,” said Mr McEwan.

It is in the process of selling off its 300 RBS branches in England and Wales to meet European Commission rules, which will leave it with just the NatWest brand south of the border.

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Eventually, the moves will leave it with 1,050 NatWest branches in England and Wales and 200 RBS branches in Scotland.

Its UK rivals are undergoing similar separations, with Barclays, for instance, splitting its business into two divisions to comply with the new rules.

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