Royal Bank of Scotland Group PLC is weighing up a name change after resolving most of its financial and restructuring problems that have plagued it for a decade, Chairman Howard Davies told The Times.

The British bank's leadership has not yet decided about changing the group-wide RBS moniker, due to potential skepticism from observers over the authenticity over a meaningful change of the business.

However, Davies said the lender has been working to improve its battered image, launching a series of initiatives to improve service and innovation. He also added while the RBS brand has been damaged, the hit to NatWest Markets PLC, Coutts & Co. and Ulster Bank Ireland DAC has not been as severe.