Mubasher: Royal Bank of Scotland Group (RBS) has unveiled plans to change its name to NatWest Group, according to MarektWatch.com.

The group also announced that it will reduce the size of its NatWest Markets investment-banking business by around 50%.

“This applies to parts of our NatWest Markets business, where we have shrunk over time but we could do more to increase its focus on our corporate and institutional customers and their needs,” RBS’ CEO Alison Rose commented.

NatWest Markets’ core income dropped to GBP 177 million ($230.93 million) in 2019, compared to GBP 1.08 billion ($1.4 billion) a year earlier.

The bank estimated strategic costs to stand at a range between GBP 800 million and GBP 1 billion in 2020.