February 28, 2013 / 8:22 AM / 5 years ago

Osborne applauds sharper RBS focus on UK business

LONDON, Feb 28 (Reuters) - Britain’s finance minister, George Osborne, said on Thursday he welcomed an announcement by part-nationalised Royal Bank of Scotland to accelerate its strategy of becoming a more UK-focused bank with less investment banking activity.

“I have been very clear that I want to see RBS as a British-based bank, focused on serving British businesses and consumers, with a smaller international investment bank to support that activity rather than to rival it,” Osborne said in a statement.

“I welcome RBS’s announcement today to accelerate that strategy,” he said shortly after the bank announced earnings and said it would reduce further the scale and scope of its markets business.

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