Government's stake in RBS now 70 per cent
Apr 15, 2009 | Comments 0
The UK government has now raised its stake in RBS (Royal Bank of Scotland) (LON:RBS) to 70 per cent. The comes after the bank has completed a swap of preference shares which was held by the government for ordinary shares.
Previously the UK government held a 58 per cent stake of ordinary shares in RBS after investing £20 billion last year to keep the bank trading. Only a few of the bank’s shareholders decided to take the opportunity to buy 16.9 billion new shares in the Royal Bank of Scotland at 31.75 pence.
Business Week reported that RBS trading was down 3.4 percent to 28.2 pence in midday trading. The government also holds a 43 per cent stake in the Lloyds Group.
Filed Under: Business News