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British gov't sells 5.4 pct of stake in RBS

Xinhua, August 4, 2015 Adjust font size:

UK Financial Investments Limited (UKFI) Tuesday announced the successful completion of the disposal of part of HM Treasury's share holding in the Royal Bank of Scotland Group plc (RBS).

The government-run financial asset manager said the shareholding of British Treasury will be reduced from 3,964,483,519 ordinary shares, representing approximately 61.3 percent of the ordinary share capital of RBS, to 3,334,483,519 ordinary shares, representing approximately 51.5 percent of the ordinary share capital.

Accordingly, the overall size of the Treasury's economic interest in the capital of RBS, which includes its holding of ordinary shares and B shares in RBS, will be reduced from around 78.3 percent to approximately 72.9 percent, said UKFI.

The placing price was 3.3 pounds (or 5.15 U.S. dollars) per share. As a result, the proceeds from the disposal will be 2.79 billion pounds, noted UKFI.

The price that the government sold was around one third below the price it paid during the financial crisis. Therefore, the Treasury has registered a loss of 1.07 billion pounds on the shares sold.

Citigroup Global Markets Limited, Goldman Sachs International, Morgan Stanley & Co. International plc and UBS Limited acted as bookrunners in connection with the placing. (1 pound = 1.56 U.S. dollars) Endit