6th Jul 2015 14:06
LONDON (Alliance News) - The UK government is aiming to sell roughly 50% of its stake in Royal Bank of Scotland Group PLC "within two years of a possible first sale in September", Reuters reported on Monday.
The report, which cited people with knowledge of government thinking, said the plans mean the shares are to be sold at a "faster rate than anticipated".
The UK government, which injected about GBP45.5 billion into the banking group in the financial crisis of 2007-09, owns about 80% of RBS.
The stake was valued at about GBP32.4 billion on June 5, the date used for a report that paved the way for UK Chancellor George Osborne to state his intention to sell the taxpayer's shares in the bank at a loss.
http://uk.reuters.com/article/2015/07/06/uk-rbs-sale-exclusive-idUKKCN0PG17E20150706
RBS shares were down 3.2% at 348.00 pence on Monday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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