Reuters - RBS to be reprivatised, shares sold over 5 years

RBS building

Britain will reprivatise bailed-out lender Royal Bank of Scotland by selling £15bn of shares, according to budget documents released on Wednesday, in a boost to chancellor Philip Hammond’s coffers.

Reuters reports that the government will begin the delayed share sale by selling $3bn of shares in RBS before the end of the 2018-19 fiscal year and the shares will be sold over five years.

The British government pumped £45.5bn into RBS in the depths of the financial crisis, and efforts since then to recoup the money have been stymied by the bank’s plunging share price, regulatory probes in the United States and Brexit.

At the current share price of 270 pence, little more than half the 502 pence the government paid for them, the Treasury stands to lose billions of pounds on the sale.

Hit the link below to access the complete Reuters article:

UK's 15 billion pound RBS sale to boost government coffers

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