GRG report made for very difficult reading, Royal Bank chief Mcewan admits

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bank. Asked how the bank’s digital drive would impact on the bank’s branch network and headcount, Mr Mcewan replied: “Customers are really changing the way they operate. In the last three years, usage of the branch network is down 36 per cent. That is a huge drop. At the same, just in the last year there has been a 14 per cent increase in mobile transactions, so you are seeing a big swing towards mobile.”

He added: “Branch network is very important to us. It is our sales and service operation. We do need to have physical distribution for customers … but there is a big change in the way we are there for customers.”

Mr Mcewan, meanwhile, reiterated that the report published this week on the bank’s mistreatment of business customers by is Global Restructuring Group between 2008 and 2013 “makes for very difficult reading”. He said: “As I have said before, we are deeply sorry that customers did not receive the experience they should have done while in GRG.”

Noting that there are currently 1,200 businesses going through the complaints process, he added: “We did not get it right for our customers when they needed us most when their businesses were struggling. That’s why it’s really important that we have got the complaints process.”

Asked whether the GRG fall-out would affect any move by the Government to sell its stake, Mr Mcewan said: “I don’t think there is any reason why that should hold any sale back from a Government perspective.”

Mr Khalaf said: “All in all, it’s been a tricky but momentous year for RBS, in which the bank has put to bed many of the legacy issues which have hampered performance since the financial crisis.”

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