Day to day banking for customers in the island will not be affected after the Royal Bank of Scotland announced it was to undergo a rebrand changing its name to NatWest Group plc.

It is the first major decision by new UK chief executive Alison Rose.

The bank has been attempting to rescue its tarnished image after more than a decade of scandals and a £45bn taxpayer bailout.

It stems back to the financial crisis of 2008.

Chairman Howard Davies explained: ’The essential reason for this is as the bank has evolved from the financial crisis and the bailout, we have focused on the NatWest brand.

’It really makes no sense for us to continue to be called RBS. It was designed for a global group of brands, which we no longer are.’

RBS International which includes banking in the island for Isle of Man Bank customers , said they would be following the same line as that announced in theUK.

A spokesman told Business News: ’Today we announced our intention to rename RBS Group plc and become NatWest Group plc

’Our customers’ day to day banking and our RBS International brand will not be affected as a result of this rename.’

The news concided with RBS International releasing its annual results for 2019.

In 2019 RBS International generated a pre-tax operating profit of £344m from £610m of income.

Customer lending grew significantly in 2019. RBS International now lends over £14bn to customers, £800m more than at this time last year with growth in both institutional and local banking.

RBS International saw total operating expenses increase by £4m in 2019 to £264m, with the rise due in part to a local investment programme.

Andrew McLaughlin, chief executive, RBS International, said: ’Our results for 2019 reflect our strategic intent to innovate to meet customer needs. This has resulted in high volumes of customer activity, which has in turn enabled RBSI to deliver year on year growth in our income and operating profit.

’Our lending has increased by over £800m versus 2018 with high growth in institutional and local banking.

’RBSI is a deposit-led business and this increase in lending has been funded by a £1.1bn increase in term and notice deposits compared with 2018. It’s great to see that more customers trust us as their provider and I look forward to seeing this grow in 2020.’

The results cover RBS International jurisdictions in the Isle of Man along with Jersey, Guernsey, Gibraltar and Luxembourg.

Meanwhile in the UK bosses said the rebranding was because 80% of customers bank with the NatWest brand, rather than through RBS branches, adding that it will have no impact on customers or staff.

UK bank branches will continue to trade as RBS and the name will still be heavily associated with the business.

But investors and advisors will now know the listed entity as NatWest Group - changing a name in place since the bank’s foundation in 1727.