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Govt to hold 58% of RBS after share issue

(Agencies)
Updated: 2008-11-28 17:07

LONDON -- Royal Bank of Scotland said Friday the government will end up with a 57.9 percent stake in the bank after a share issue to raise funds to help it cope with the financial crisis.

Royal Bank of Scotland said Friday the government will end up with a 57.9 percent stake in the bank. [Agencies]

RBS said that ordinary shareholders had agreed to take up only 0.24 percent of the share issue, with the government then taking up the balance, as provided for in its recapitalisation plan for the banking system.

Last week, shareholders approved plans to raise 20 billion pounds in fresh capital as part of a state rescue deal for Britain's banking sector.

Under the plan, RBS was to raise 5.0 billion pounds directly from the British government in return for preference shares.

Another 15 billion pounds was to come from ordinary shareholders in a share placing underwritten by the Treasury, with that provision now coming into force.

RBS, alongside HBOS and Lloyds TSB which are merging, were bailed out last month after they were hit by the global credit crunch and resulting financial crisis which has savaged markets, banking systems and economies around the world.