RBS 'ready to return to the private sector in 2014'

RBS chairman Sir Philip Hampton has said he expects the bank to return to the private sector in just over a year.

RBS chairman Sir Philip Hampton. Credit: Press Assocation

In a video statement on the RBS Group website, Sir Hampton said he expected the government to be in a position to start selling shares by the middle of 2014.

His remarks come as RBS announces a first quarter profit of £826 million, up from a loss of £1.5m in quarter one last year.

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RBS announces £826m profit

UK bank RBS has announced a quarter one pre-tax profit of £826 million.