RBS aims to go private by the end of next year

(Source: Reuters)

Royal Bank of Scotland chief executive Stephen Hester has announced that the bank plans to go private by the end of 2014 at the company's AGM.

We have the ambition of putting the government in a position to sell the shares towards the end of 2014. Then it is the government's decision.

The state backed bank returned to profit in the first quarter, and will hopefully be returned to entirely private ownership along with Lloyds next year.