Royal Bank of Scotland (RBS) is on the road towards a full recovery in the aftermath of the global banking crisis.
That is according to the financier's chief executive Stephen Hester, who has said that while the company is still facing "important challenges" in the near future, it is on the verge of becoming a "recovered bank".
During a speech at a banking and insurance conference in London yesterday (25 September), Mr Hester explained that the company's restructuring plans - which include measures such as reducing the size of its investment banking division - are on course to be complete by 2013.
A stake of 82 per cent of RBS is currently owned by the British government after the lender received a state bailout at the height of the crisis in 2008.
However, Mr Hester noted he believes the bank is now making progress towards re-privatization, although an improvement in the general economic environment is needed before this happens.
By Claire Archer