Jeremy Corbyn: Split RBS into local banks

The UK Labour Party would launch a consultation to break up state-owned Royal Bank of Scotland, which owns Ulster Bank, into smaller local banks, the party said at the launch of its election manifesto.

This would “create new local public banks that are better matched to their customers’ needs”, from the broken-up Edinburgh-based RBS, Labour said in the manifesto launched by Labour leader Jeremy Corbyn.

A RBS spokesman said the bank was the fastest-growing large bank in Britain last year and provided £24bn (€21.9bn) of new lending for the UK economy.