Government to own majority of RBS

Government to own majority of RBS

The government is to own 57.9% of Royal Bank of Scotland after shareholders bought only a tiny proportion of the new shares being offered by the bank.

The small take-up had been expected as the offer price of 65.5p was about 10p higher than the price at which the shares were trading.

The share issue was part of the government’s plan to recapitalise the banking system.

The government will pay about £15bn for the majority stake in the bank

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This article is from the BBC News website. © British Broadcasting Corporation