RBS 'should be more like a Canadian bank' proposes hedge fund chief

The Royal Bank of Scotland (RBS) should be converted so that it resembles a Canadian bank, a document created by a hedge fund boss and unwittingly shown to the press has proposed.

Yesterday afternoon, Davide Serra, founder and chief executive of Algebris Investments, was pictured entering Downing Street with a presentation on RBS, entitled "the case for improving viability", which appeared to recommend that the bank become more like a Canadian bank. The front page of Serra's presentation, entitled "the case for improving viability", was partly visible and suggested RBS, which is 81pc owned by the taxpayer, was "very similar to the large Canadian banks". It also appeared to suggest a series of options for restructuring the business, with a range of ways to incre...