December 2016 – Gareth Thomas MP, chair of the Co-op party seeks to introduce a 10 Minute Bill to convert RBS into a building society. He says mutualising the bailed-out bank would overhaul the bank’s culture and bolster high street competition and diversity.
The bank is subject to major debts and the government (taxpayer) is the majority shareholder.
RBS is one of the retail banking subsidiaries of The Royal Bank of Scotland Group plc, together with NatWest and Ulster Bank, and has around 700 branches.