Jobs will reportedly not be impacted following the rebrand.
RBS Group has revealed its intention to rename to NatWest Group plc later this year.
The bank states that this will have no impact on customers, who will continue to be served through the brands they are today.
Jobs will also reportedly not be impacted.
Howard Davies, chairman at RBS Group, said: “The board has decided that it is the right time to align the parent name with the brand under which the great majority of our business is delivered.
"Customers will see no change to products or services as a result of this change and will continue to be served through the brands they recognise today.”
This announcement comes following RBS revealing their financial results for 2019.
The bank reported a profit before tax of £4.2bn which is up year-on-year by 26%.
Alison Rose, chief executive at RBS, added: “Today marks the start of a new era for our bank as we announce our new purpose - to champion potential, helping people, families and businesses to thrive.
“These results are a reminder of the strong foundations we have built.
Our profits are up, our capital position remains strong and this year we will have returned a further £2.7bn to our shareholders.
“But our performance doesn’t yet match the potential that exists in this bank. We can deliver so much more.
“The way people live their lives has changed. And their expectations of companies are changing too; looking for us to deliver not only financial performance but a positive contribution to society; benefitting customers and communities as well as shareholders.
"The future of this bank depends on us successfully delivering on both.
“I am hugely excited about the opportunities that lie ahead of us.”
