Royal Bank of Scotland Group today said it would float part of its US retail bank and retreat further from investment banking in an effort to shore up capital and get in shape for an eventual privatisation.

The 81%-state-owned lender said annual revenue across the group was £25.79bn, down from £27.71bn in 2011. The year's net loss widened to £5.97bn ($9.05bn) from 2011's £2bn. For the fourth quarter, the net loss was £2.6bn, wider than the £1.8bn loss a year earlier.