LONDON Feb 27 Royal Bank of Scotland's
new boss said his bank was not in good enough shape for Britain
to start selling its stake in the lender at a profit in the near
"We need to recognise that we are not yet a strong enough
bank that can be privatised at a profit for the taxpayer in the
immediate future," Chief Executive Ross McEwan said in a
presentation on Thursday.
"The journey to recovery and renewal is harder than was
first anticipated back in 2008," he said. Britain owns 81
percent of RBS after rescuing the bank in the financial crisis.
McEwan was laying out plans to revive RBS by focusing more
on its core British banking business and cutting 5 billion
pounds ($8.3 billion) of annual costs.