31st Jul 2015 05:39
LONDON (Alliance News) - The UK government is set to launch its first sale of shares in The Royal Bank of Scotland Group PLC since the lender was bailed out by the taxpayers nearly seven years ago, The Times reports.
The Times said banks have been sounding out investors in the past week about a sale of RBS stock, which could happen in the next few days. The newspaper said the aim is to sell around GBP2.5 billion, or 6%, of the bank's shares in the initial sale, with taxpayers set to make a loss.
UK Financial Investments, the body which manages the UK government's stake in bailed out banks, may decide to hold off the sale until September, with some investors understood to be keen to wait for the outcome of the competition regulator's investigation into the banking market and the impact this could have on Williams & Glyn, which RBS is intending to spin-off.
http://www.thetimes.co.uk/tto/business/industries/banking/article4513307.ece
By Sam Unsted; [email protected]; @SamUAtAlliance
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