Royal Bank of Scotland

Treasury written question – answered on 11th June 2014.

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Photo of Susan Elan Jones Susan Elan Jones Opposition Whip (Commons)

To ask the Chancellor of the Exchequer what steps he is taking to ensure that Natwest and other subsidiaries of RBS remain as competitive as possible in the banking sector.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

On 1 November 2013, RBS committed to a new direction, focussing on its core British business, supporting British families and companies. RBS's new direction is supported wholeheartedly by the Bank of England, UKFI and the Government.

RBS and its subsidiaries retain their own independent boards and management teams for strategic and operational decision-making.

The Government's shareholding in the Royal Bank of Scotland (RBS) is managed on a commercial and arm's length basis by UK Financial Investments Ltd (UKFI).

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