The Royal Bank of Scotland has confirmed that it will be rebranding itself as NatWest Group as the well known financial institution is hellbent on burying the tumultuous history associated with this once-famous brand. To display its commitment in this path, the bank has hired Nicholas Stern, a well-known climate change expert, to give shape to the sustainability strategy. The swap in the nameplate comes in the wake of the leadership change with the new CEO, Allison Rose, desperate to give the bank a much needed social conscience by showing support for the ethnic minority entrepreneurs and announcing targets to bring about positive changes in the climate.
Hiring Stern is a landmark achievement as he is the same man behind the highly influential Stern Review in 2006 that spelled out the ergonomic costs of global warming. He is expected to advise the group on strategies to minimize the carbon footprint by many notches and also dramatically reduce the impact of climate by its financing activities by 2030, at least. Stern has emphasized the need for taking measures to climate change immediately so that the future generations are protected. He also highlighted that the present pandemic had exposed the fragilities and perils of an old economy.
RBS is expected to secure the formal approval from Companies House in Edinburgh sometime later. It is important to note that the UK Govt will still hold a 63% majority stake in the bank as it was forced to bail out the bank during the crisis of 2008. Since then, a new corporate identity was always on the anvil, and this step is a major one in the direction.