RBS CEO Hester to step down as bank prepares for privatisation

RBS CEO Stephen Hester is to step down from the bank later this year as it "begins to prepare for privatisation".

The chief executive, who took over at the part-nationalised bank five years ago, said the privatisation process should be led by a CEO "at the start of their journey". Hester (pictured) will step down in December 2013, having joined the board at the height of the financial crisis in October 2008 and becoming group chief executive the following month. RBS chair Philip Hampton is to begin the search for a successor with immediate effect. The government is hoping to sell down its 82% stake in RBS before the next general election in 2015, though the nature and timing of the sale remain...