Royal Bank of Scotland is looking to put the fallout of credit crunch behind it by building a new corporate identity, according to its chairman.
Sir Howard Davies told The Times that a taking a 'blank slate' approach to its image problems was among the options on the table for a wide-ranging review of the business. It comes almost a decade after the financial crisis which saw the bank bailed out by UK taxpayers to the tune of £45.5bn in order to stave off total collapse.
Only now has the bank posted a profit, although the reputation damage persists.
Rather than invest further in transforming public perceptions, RBS is considering drawing a line under an ignominious period in its history by prioritising other brands in its catalogue including NatWest, Coutts and Ulster Bank.
Davies remarked: “The brand damage to the core brands of Natwest, Coutts and Ulster has not been that bad at all, even though the parent has found it difficult to invest in them. They have been remarkably robust and we are now able to devote more investment and management attention to them.”
“The Royal Bank of Scotland also has a deep-rooted position in Scotland, where people refer to it as ‘the Royal’”.
Hard won stability has provided RBS with a platform for growth, evidenced by its preparation of an arm's length digital challenger bank for launch.