RBS sell-off defended

RBS building

British lawmakers challenged public officials on Thursday over whether they had allowed more than $3.1bn of government shares in Royal Bank of Scotland to be sold too cheaply last month.

Reuters reports that as global share prices started to come off their highs in early August, the British government sold 5% of RBS at a price worth a third less than it paid when it rescued the bank with $68.77bn of public money at the peak of the 2007-09 financial crisis.

Large investors were offered shares in RBS for 330 pence ($4.93) each, far below the 502 pence ($7.50) the government paid and a market price of more than 400 pence ($5.98) a share reached earlier in 2015.

Speaking to the British parliament's Treasury Committee, the chairman of UK Financial Investments (UKFI), the public body that advises finance minister George Osborne on share sales, said he was confident the public had received good value.

To access the complete Reuters article hit the link below:

UK officials deny selling RBS stake too cheaply

Credit unions tear into Bank of England regulation plans

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News