Bó a "challenger" bank launched by UK banking group RBS just five months ago, is to be wound down as the bank looks to cut costs.

As part of RBS's Q1 reporting on Friday (1 May), the wind-down of Bó was announced in a single paragraph, as well as being mentioned briefly by RBS chief executive Alison Rose on a call with investors.

Ms Rose said the app-only banking brand, launched in November, would be merged with RBS's SME digital bank, Mettle.

"[We] will be winding do...