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RBS to spend £700m to revamp UK retail operations

Royal Bank of Scotland Group (RBS) has unveiled its £700m retail banking renovation plan, in a bid to provide better customer services while increasing revenues and market share in the country.

As per the modernization strategy, the amount will be invested on refurbishing 2,066 branches and mechanism for the faster account openings and a new complaint-management system, between 2013 and 2016.

Additionally, the bank will also spend substantial amount simplifying the complex, high-margin, financial products to avoid any possibility of penalty by regulators.

The 82% UK government bank was forced to accept a £45bn bailout package, when it was on the brink of collapse during the financial crisis of 2008.

The bank is scaling down its investment banking business to pay back to its creditors and pressing hard to emerge as one of the prominent retail bank by attracting a mass of clients through innovative services.

The bank, which manages NatWest and Ulster Bank, said that it will also refurbish its NatWest brand, which provides nearly 80% of its business and also focus to bolster its market share in Scotland.