Deals

U.K. Sells $3.3 Billion RBS Stake, After Crisis-Era Bailout

First divestment since 2015 will see stake fall to about 62%
State sells stake at 271 pence a share; RBS closed at 280.9p

Was the U.K. government right to sell RBS now? Bloomberg’s Ed Robinson assesses the timing.(Source: Bloomberg)

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By Stephen Morris and Stefania Spezzati

June 4, 2018 at 3:43 PM UTC

Updated on

June 5, 2018 at 7:49 AM UTC

This article is for subscribers only.

The British government sold a 2.5 billion pound ($3.3 billion) stake in Royal Bank of Scotland Group Plc, reducing its majority holding a decade after it bailed out the lender during the financial crisis.

The state sold 7.7 percent in the lender at 271 pence per share to institutional investors, it said in a statement on Tuesday. Shares in the Edinburgh-based bank fell 3.4 percent to 271.40 pence at 8:47 a.m. in London trading.