10:02
Tieng Anh Vui
Stephen Hester is to step down from his role as chief executive of Royal Bank of Scotland in December.
Mr Hester has been in the role since November 2008 and the search for his successor will start straight away.
In a statement RBS said: "The board believes an orderly succession process will give a new CEO time to prepare for the privatisation process and to lead the bank in the years that follow.
"Stephen was unable to make that open-ended commitment," it said.
Mr Hester led the large-scale restructuring of RBS following its near collapse in 2008.
RBS said it had made "huge progress in becoming a strong bank, with balance sheet and funding transformed and the business fundamentally reshaped".
"[We are] now beginning to prepare for possible share sales by the UK government," it said.
"Accordingly, both the board and Stephen agreed this provided a window to begin a transition of leadership."
Mr Hester said: "We have reduced the bank's balance sheet by nearly a trillion pounds, repaid hundreds of billions of taxpayer support, and removed the imminent threat that this bank's size and complexity posed to the UK economy.
"We are now in a position where the government can begin to prepare for privatising RBS.
"While leading that process would be the end of an incredible chapter for me, ideally for the company it should be led by someone at the beginning of their journey.
Over the coming months I will put all my effort into completing the final recovery and continuing to build a strong customer focused culture."
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