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Royal baby named Charlotte Elizabeth Diana

WATCH ABOVE: Will and Kate settled on Charlotte Elizabeth Diana as the name for their second baby. As Eric Sorensen reports, it’s a name mixed with tradition and sentiment.

TORONTO – The Duke and Duchess of Cambridge have named their daughter Charlotte Elizabeth Diana.

Kensington Palace announced the name Monday, two days after William and Kate introduced the princess to the world media outside of London’s St. Mary’s Hospital.

Catherine, Duchess of Cambridge and Prince William, Duke of Cambridge depart the Lindo Wing with their newborn daughter at St Mary’s Hospital on May 2, 2015 in London, England. John Stillwell/Getty Images

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The child will be known as Princess Charlotte of Cambridge, the palace said.

WATCH: William and Kate emerge from St. Mary’s hospital with their new-born daughter on Saturday

Charlotte, the feminine form of Charles, is a nod to the newborn’s grandfather, Prince Charles. The middle names honour the Queen, the infant’s great-grandmother, and Diana, the late Princess of Wales, William’s mother.

Charles Spencer, brother of the late Princess Diana, said the name is “perfect.”

“My 2-year old Charlotte Diana will be thrilled at cousinly name-sharing. Is at an age where thinks world revolves around her!,” he tweeted.

The princess is fourth in line to the throne and is Queen Elizabeth’s fifth great-grandchild.

WATCH: Asutralian PM Tony Abbott said it was a “joyous day” and he is sure the new princess will be a keen supporter of Australia when she’s older

British bookies were taking bets on the name of  the Duke and Duchess of Cambridge’s second child, with Alice and Charlotte as the top picks.

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Other names included: Victoria, Elizabeth, Alexandra and Diana.

READ MORE: How did Kate Middleton look so good after giving birth to Princess Charlotte?

Charlotte was born Saturday morning and weighed 8lbs and 3 oz, officials said.

with a file from the Associated Press.

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