Royal Bank of Scotland sells stake in Bank of China
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Published
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Wed, 14 Jan 2009 05:32
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London - Britain's Royal Bank of Scotland (RBS) announced the sale of its stake in the Bank of China for 1.6 billion pounds (2.3 billion dollars) on Wednesday. The Edinburgh-based bank, which also owns NatWest, was effectively nationalized during the banking crisis when the government took a majority share of almost 58 per cent. RBS acquired the 4.3-per-cent holding in the Bank of China for 900 million pounds in August 2005. Other leading international banks, including Bank of America and Swiss giant UBS, have also recently sold their stakes in the Bank of China in recent months. As well as helping to bolster RBS's balance sheet, the disposal will meet plans by RBS to unwind interests of lesser strategic importance. The new RBS chief executive, Stephen Hester, said China remained an important market within its Asian businesses and the bank would continue to pursue opportunities for growth through existing consumer and corporate businesses. The company employs around 1,400 staff in China, including offices in Beijing, Shanghai and Shenzhen.
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