Here’s something Stephen Hester of RBS might want to consider: a name change.
Fortis, which like RBS was virtually destroyed by the ill-fated acquisition of ABN Amro, has decided on a corporate make-over.
And the re-branding experts have come up with… well… we’ll leave it to the press release to explain:
What’s in a name? For Fortis, a new start and an exciting future.
We are at the beginning of a new era for our group: subject to the approval of our shareholders in April, Fortis will become ‘ageas’.
• The first two letters honour our roots: they have been synonymous with excellence since the creation of AG Leven in 1824, and represent over 180 years of know-how and experience in insurance and bancassurance.
• The ‘e&a’ at the heart of the new name refers to our two key markets: Europe and Asia, the combination of which accounts for the lion’s share of the global insurance market. This international character is an essential part of our identity: ageas employs 10,000 people, each with their own individual talents, cultural background and expertise, but united by a common vision. We are part of the fabric of the local communities in which we operate, allowing us to adapt more easily to market conditions and customs.
• The final ‘as’ stands for ‘assurance’ and a single-minded focus on our core insurance business. Nothing more, nothing less. Our ambition now is for ageas to become the benchmark for the insurance sector.
Like our group, the name ‘ageas’ is more than the sum of its parts. It derives from the Latin word ‘agere’, meaning action, drive, and a conviction to forge ahead. Each of these attributes are important to us. They are the key to creating value for all our stakeholders.
Got that, everyone? Good. Now somebody pass the sick bucket. Meh.
It’s amazing to think someone actually gets paid for coming up with this guff. And one wonders what the marketing whizz-kids might come up with for RBS.
(Readers, can of course, enter their suggestions below).