29th May 2015 05:33
LONDON (Alliance News) - The Royal Bank of Scotland Group PLC is preparing for the UK government start offloading shares in the lender by inviting investment banks to pitch for an enlarged corporate broking role, the Financial Times reported on Wednesday.
RBS is inviting pitches from banks for an expanded corporate broking role which would include acting as privatisation advisers.
Senior figures at the bank told the FT that the government could launch the share sale in the fourth quarter of 2015 after RBS closes a settlement with US regulators over the mis-selling of sub-prime mortgage securities.
http://next.ft.com/0ce37efa-0587-11e5-bb7d-00144feabdc0
The UK government still owns about 80% of RBS after injecting it with GBP45 billion to prevent the bank from failing at the height of the financial crisis.
By Sam Unsted; [email protected]; @SamUAtAlliance
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