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RBS to slash investment bank, rebrand as NatWest

It's a brand new strategy for UK taxpayer-backed bank RBS.

In short - they'll slash the size of their loss-making investment bank.... and re-name the company NatWest.

Alison Rose is the bank's chief executive:

(SOUNDBITE) (English) ROYAL BANK OF SCOTLAND'S CHIEF EXECUTIVE, ALISON ROSE, SAYING:

"Now feels the right time to rename our group to NatWest Group. It aligns to the majority of our customers who know us as NatWest, around 80 percent of our customers. There is no change for our customers or our colleagues who will continue to interact with us as Royal Bank of Scotland and NatWest."

Rose - the first woman to lead one of Britain's major banks - is hoping a rebrand will help rehabilitate the lender's image.

One tarnished by years of scadals - after a 45 billion pound taxpayer rescue during the financial crisis of 2008.

The RBS brand will live on in Scotland - but the three-centuries old name will cease to be used at group level.

The new strategy, and better-than-expected profits, were overshadowed by a lower than expected eight pence dividend

This sent shares down 6% in morning trading.

A measure of the challenge Rose faces to win over investors.