The Royal Bank of Scotland’s newly-installed chief executive Stephen Hester has today unveiled details of an overhaul at the troubled UK bank, which includes the divestment of hundreds of billions worth of assets over the next five years as it bids to reverse its fortunes and return to profitability.

Hester, along with UK Financial Investments Ltd, the body that manages the UK Government's shareholdings in banks, is hoping to draw a line under the steady decline at RBS which was triggered on the eve of the credit crunch by the mistimed acquisition of Dutch financial services group ABN Amro.