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Government sells stake in Royal Bank of Scotland at discount price


economy

Government sells stake in Royal Bank of Scotland at discount price

At the centre of a political argument and costing the British government 1.1 billion pounds sterling, the Royal Bank of Scotland.

The UK government has sold a 5.4 percent stake in the bank at 330 pence per share, a 7.6 pence discount on Monday’s closing price.

That translates to a third below the price when it rescued the lender with 45.8 billion pounds of taxpayer cash at the peak of the 2007/09 financial crisis.

Opposition politicians have accused the government of an unnecessarily rushed and costly disposal while one analyst said “the British taxpayer is being shortchanged.”

The sale cuts the government’s stake in RBS to 73 percent.

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