Rory Cullinan, the managing director of Royal Bank of Scotland's new Equity Finance Group, denies that the bank is pulling in its horns in the buy-out arena. The new group combines five Royal Bank units: Development Capital, Ventures, Property Ventures, Principal Finance and Private Equity.

Cullinan says: 'We are simplifying the way we face the market place. It's like talking about a hand instead of five fingers. We are not changing the contents.'