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Government starts RBS share sell-off | Government starts RBS share sell-off |
(35 minutes later) | |
The government has started to sell off its 78% stake in the Royal Bank of Scotland. | The government has started to sell off its 78% stake in the Royal Bank of Scotland. |
UK Financial Investments, the body that holds the government's RBS stake, said it would offer about 600 million shares, representing 5.2% of the bank, to institutional investors. | UK Financial Investments, the body that holds the government's RBS stake, said it would offer about 600 million shares, representing 5.2% of the bank, to institutional investors. |
It is expected that the government will make a loss of £2bn sale. | It is expected that the government will make a loss of £2bn sale. |
Chancellor George Osborne signalled the move in his annual Mansion House speech in June. | Chancellor George Osborne signalled the move in his annual Mansion House speech in June. |
The UK owns 78.3% of RBS after bailing it out with about £45.8bn of taxpayer cash in 2008. Its stake will fall to 73.2%. | The UK owns 78.3% of RBS after bailing it out with about £45.8bn of taxpayer cash in 2008. Its stake will fall to 73.2%. |
The government paid about 500p per share for its RBS stake. | The government paid about 500p per share for its RBS stake. |
Shares in the bank closed on Monday at 337.6p, down 4.6p, valuing RBS at £39bn. | Shares in the bank closed on Monday at 337.6p, down 4.6p, valuing RBS at £39bn. |
However, institutional investors may be able to buy the shares at a discount to Monday's closing price. |