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RBS seeks investor backing for share buyback plan

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RBS seeks investor backing for share buyback plan
FILE PHOTO: Royal Bank of Scotland signs are seen at a branch of the bank, in London, Britain December 1, 2017. REUTERS/Peter Nicholls   -   Copyright  PETER NICHOLLS(Reuters)
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LONDON (Reuters) – State-backed British bank Royal Bank of Scotland <RBS.L> is to consult with shareholders on plans for a buyback of its shares owned by the Government, using excess capital to accelerate its return to private ownership.

The lender told investors it would hold a general meeting on February 6.

RBS is 62.3 percent owned by British taxpayers, following its 45 billion pounds bailout during the financial crisis.

(Reporting by Iain Withers, Editing by Sinead Cruise)

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