Royal Bank of Scotland, the part nationalised bank baled out by the government, plans to rebrand under the NatWest name later this year.

The news comes after a positive set of results for RBS which saw profits double in 2019 to £3.1bn from £1.7bn the previous year.

Its private banking operations, Coutts and Adam & Company, saw assets under management up £4bn (15%) to £30.4bn and a 31% growth in the number of new clients.

However, the private banking brands saw revenue flat at £777m (£775 last year) and operating profit down from £303m to £297m.

Despite the flat figures Peter Flavel, chief executive of Coutts and Adam & Company, said he was proud of progress and blamed higher costs for the operating profit figures.

He said: “We are proud of the very good financial results delivered in 2019 and in particular the increase in new clients we have welcomed to the Private Bank.

“Our operating profit – £297m – is 2% lower than a year ago. This is largely down to higher strategic costs which have increased by £8m (1.7%). This is driven by investment in streamlining our operations which will help achieve our future growth ambitions and with revenue up and operating expenses down this reflects increased productivity in a challenging economic environment.”

“Our 2019 results are a strong springboard to continue to grow our private bank franchise. With the group CEO Alison Rose’s ambitious plans for a purposeful group, private banking and wealth management continues to provide a valuable and increasingly important role in the bank’s wider performance.”

New RBS chief executive Alison Rose said the name change would not alter the Edinburgh-based banks’ business. The RBS owns Royal Bank of Scotland, Ulster Bank and NatWest.

RBS chairman Sir Howard Davies, former chairman of FCA predecessor the FSA, says in the RBS annual report: “Today, we have announced that we plan to rename our parent company. The Royal Bank of Scotland Group plc is intended to be renamed NatWest Group plc later this year. 

“As we evolve our strategic plan, 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, including the Royal Bank of Scotland. Similarly,

our employees will also see no change to the way they work and we will not be moving people out of Scotland as a result of this change.”