RBS to rebrand several high street branches
Several high street branches of Royal Bank of Scotland (RBS) are set to remove the RBS branding.
Several high street branches of Royal Bank of Scotland (RBS) are set to remove the RBS branding and rebrand as Williams & Glyn, the group’s retail banking arm that it plans to sell or float by the end of 2017.
As part of the move, over 300 branches in England and Wales will be renamed as Williams & Glyn.
Furthermore, in Scotland, 200 branches of the bank will be rebranded as Royal Bank of Scotland. The bank will continue to be known by the name RBS on the stock exchange.
Additionally, RBS also said that it is likely to miss a deadline to spin off its Williams & Glyn division after an extensive analysis.
“As a result of this analysis, we have concluded that there is a significant risk that the separation and divestment to which we are committed will not be achieved by 31st December 2017. Due to the complexities of Williams & Glyn’s customer and product mix, the programme to create a cloned banking platform continues to be very challenging and the timetable to achieve separation is uncertain,” RBS said in a statement.
As a result, the overall financial impact on RBS will be greater than earlier expected, the British lender added.