European Union regulators have given the go-ahead to the restructuring plan for the Royal Bank of Scotland (RBS) which sets out the future of the bank and its assets.

The European Commission gave the plan the all clear having examined its implications for the retail bank market.

Under the plan, RBS is required to sell off some of its divisions to re-inject competition into the banking sector.

Its insurance, transaction management and commodity trading businesses are all due to be put up for sale.

It must also sell off a number of its high street branches as part of a shake up of retail banking

RBS’ involvement in the British government’s asset protection scheme was also approved by the European Commission, meaning that its assets will be backed up by taxpayers.

The restructuring plan could help create hundreds of new banking graduate jobs as new entrants snap up the parts of RBS which are being sold off.

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