The Royal Bank of Scotland's new chief executive Ross McEwan has pledged to drive the bank back to a more retail focused business model after he replaced ousted CEO Stephen Hester.

According to a pre-recorded video interview ahead of the bank's announcement, McEwan said that "it is really important for the UK economy to have this bank up and running and doing what banks should be doing - looking after customers.

"We [should also] be providing finances to individuals, SMEs that are the heartbeat to any economy."