The majority of its transactions happen South of the border and in future the group will be known as NatWest.

RBS share price falls as new CEO reveals her vision for the bank

Full list of 54 RBS closures: Will your local branch be affected?

The bank has been branded “utterly disgusting” after announcing plans to close more branches leading to the loss of over 200 jobs.

The sale of 925 million shares will bring the public holding in RBS down from approximately 70.1% to 62.4%.

Chief executive Ross McEwan blamed the closures on a "bigger than expected" take-up of digital banking. 

Royal Bank of Scotland is to close 162 branches in England and Wales but says all closures are within 2.5 miles of another RBS or Natwest.

The bank reported a bottom line profit of £752 million for 2017, compared to a loss of £6.95 billion a year earlier.

Royal Bank of Scotland is to close 62 RBS branches and 197 NatWest outlets will by mid 2018.

The bank - still 72% owned by the taxpayer - will close 62 RBS branches and 197 NatWest outlets by mid 2018, resulting in 680 job losses.

The bank has reportedly upped its settlement offer as it attempts to stave off a costly legal battle.

The positive results come after Chancellor Philip Hammond admitted the government is prepared to sell its stake at a loss to the taxpayer.

Hundreds of jobs are under threat as 30 RBS and 128 NatWest branches are set to close due to a "dramatic shift" in the way customers bank.

Chief Executive Ross McEwan told ITV News he was "pleased" with the bank's performance and would therefore accept his role-based allowance.

The bank, which is majority owned by the taxpayer, has recorded its ninth consecutive year in the red.

RBS has set aside another 3.8 billion US dollars for expected fines from US authorities over allegations that it mis-sold risky mortgages.