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Bank charges: RBS could be privatised in a year

Royal Bank of Scotland (RBS) says that it hopes to be privatised again, meaning that taxpayers will finally have their shares returned to them.

This announcement was made by chairman Sir Philip Hampton as the bank reported that it had returned to profit during the first three months of the year.

Despite making losses last year, partly due to the bank’s involvement in financial scandals such as payment protection insurance mis-selling and Libor rigging, the bank made a pre tax profit in the first quarter of £826 million.

Mr Hampton said that the bank could start selling off its shares from the middle of 2014, although he added “it could be earlier...we think the recovery process will be substantially complete in about a year or so's time".

Before the bank can be privatised, the government needs to decide how much it wants to sell shares in the bank for.

At present, RBS is 82 per cent owned by the government following a bailout during the financial crisis.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801581234-ADNFCR

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