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RBS makes $5.4 bln loss after taking hit on value of U.S. business

Reuters - UK Focus

LONDON, Feb 26 (Reuters) - Royal Bank of Scotland (LSE: RBS.L - news) reported a 2014 loss of 3.5 billion pounds ($5.4 billion), hit by a writedown on the value of its U.S. business Citizens (NYSE: CIA - news) and new charges relating to foreign exchange investigations and mis-selling.

The loss compared with an attributable loss of 9 billion pounds the previous year.

RBS, which is 79 percent-owned by the British taxpayer, also announced the appointment of ex-financial regulator Howard Davies as its new chairman. ($1 = 0.6437 pounds) (Reporting by Matt Scuffham, editing by Sinead Cruise)