RBS

Royal Bank of Scotland (RBS) reported a return to profit in the first half of the year, as the majority taxpayer owned bank moves towards privatisation.

Royal Bank of Scotland has promoted its head of retail Ross McEwan to the role of chief executive, replacing ousted Stephen Hester.

The next chief executive of state-backed lender Royal Bank of Scotland could be named next week, according to reports.

UK banks remain at risk of very serious problems, according to Charles MacKinnon, chief investment officer at Thurleigh Investment Managers.

Credit ratings agency Moody's has upgraded its outlook for British banks from negative to stable, saying they are strong enough to withstand another financial crisis.

The European Commission has accused 13 banks, including Barclays, HSBC and the Royal Bank of Scotland, of colluding to hamper competition in the credit derivatives market.

The government has formally started the process of offloading its stakes in Royal Bank of Scotland (RBS) and Lloyds by launching a tender for the banks' share sale, according to reports.

Fund managers have identified a buying opportunity for Lloyds Banking Group shares, following Chancellor George Osborne's announcement the government will start selling off its 39% stake in the bank.

Former Chancellor Alistair Darling, who oversaw the bail-out of RBS and Lloyds in 2008, has urged the government to avoid a rapid disposal of taxpayers' stakes in the banking giants.

The long-awaited Parliamentary Commission on Banking Standards report has criticised the government's handling of part-nationalised UK banks and recommended criminal sanctions for senior executives who behave "recklessly".