Royal Bank of Scotland has spent millions of pounds fitting out state-of-the-art offices in Central London for thousands of its staff.

Industry figures on the typical cost of office fit-outs for banks indicate that RBS, which is majority-owned by the taxpayer, paid Morgan Sindall, the construction group that carried out the work, between £34m and £68m for its sleek new premises.

The bank, which received a £20bn government bailout, instructed all groups involved in the upgrade of the 378,000 sq ft office at Bankside 2 and 3, close to London’s South Bank, to keep its identity confidential as part of the terms of the contract. The move has been interpreted by some industry figures as a way of avoiding criticism during the banking crisis.

The Times