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RBS announces £5bn losses

The Royal Bank of Scotland has announced losses of £5.16billion - a fifth consecutive annual loss. Chief Executive Stephen Hester described 2012 as a "chastening" year. It was also revealed the bank paid £607m in bonuses in 2012.

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Osborne praises RBS for reducing investment arm

George Osborne wants RBS to serve British business. Credit: Ki Price/The Times/PA Wire/Press Association Images

Chancellor George Osborne has welcomed RBS’s move to decrease its international investment arm after the bank announced plans to float part of its American bank Citizens.

Osborne said: “The Government's strategy is for RBS be a stronger and safer bank, which in time can be returned to full private ownership.

"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.

"I welcome RBS's announcement today to accelerate that strategy.”

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