The Britain government has kicked off a long-awaited privatisation of the Royal Bank of Scotland Group (RBS) by selling a 5.4% stake in the bank for £2.08bn ($3.24bn).
UK Financial Investments (UKFI), which handles the government’s stakes in banks, sold the stake at 330 pence per share, far below the 502 pence at which the government bailed it out.
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RBS was bailed out by the UK government with £45.5bn of taxpayers’ money in 2008.
The move will reduce the government’s holding in the bank to 72.9% from the current 78.3%.
RBS CEO Ross McEwan said: "I’m pleased the government has started to sell down its stake. It’s an important moment and reflects the progress we are making to become a stronger, simpler and fairer bank. There is more work to be done but we’re determined to build a bank the country can be proud of."
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