What will your bank be called after RBS restructures?
Royal Bank of Scotland Group (RBS) customers could see the name of their bank change, when the lender restructures to comply with UK ring-fencing regulations.
RBS today set out its plans for the reshuffle – here's what the group is moving, and what the new entities will be called.
RBS becomes Adam & Company… but not for long
Adam & Company is RBS' private banking arm
Personal, private, business and commercial customers of The Royal Bank of Scotland plc, known as RBS plc, will be transferred to Adam & Company, which is currently RBS' Scottish private bank, at some point in 2018.
Once this transfer takes place, Adam & Company will be renamed The Royal Bank of Scotland plc. Confused yet?
RBS will be renamed NatWest Markets
RBS is renaming its investment bank NatWest Markets (Source: Getty)
While the Adam & Company high jinks are taking place, what's left of RBS plc – the investment bank – NatWest Markets Plc.
The renamed entity NatWest Markets will be the non-ring-fenced bank and direct subsidiary of RBS Group, the bank said today.
A new company called NatWest Holdings will be formed
Coutts, where the Queen banks, will be ring-fenced within NatWest Holdings (Source: Getty)
At the beginning of 2017, RBS is introducing an intermediate holding company for its ring-fenced banks. NatWest Holdings will own NatWest, Adam & Company and Ulster Bank Ireland. Coutts and Co will also be contained within the ring-fence.
Got that?