RBS intends to reinvigorate its strength and spend on technologies

 Speaking at a Bank of America Merrill Lynch conference in London, Royal Bank of Scotland CEO Stephen Hester made a statement saying that the bank is determined to revive its strength and spend some £6 billion on technology and marketing over the next five years. Hester stated that his aim is to reverse the failed past policy of expansion by acquisition in order to re-invest in the business and focus on organic growth opportunities.

"Some of the quality that allows business to grow organically was neglected through a series of distracting business integrations," he told the conference, adding that the bank had underspent on technology and failed to develop an integrated IT system. 

Last year the company suffered largest ever losses as the crisis hit heavily other financial institutions that were included into the bank with the ruinous take-over ABN Amro at last.

This resulted in that RBS had spent more money "dealing with different systems inherited from past acquisitions, than changing the bank," noted Hester.