RBS sells entire Bank of China stake: reportRoyal Bank of Scotland
The Royal Bank of Scotland Plc (Scottish Gaelic: Banca Rìoghail na h-Alba has raised 2.37 billion US dollars by selling its entire stake in Bank of China, Dow Jones Newswires Dow Jones Newswires is the real-time financial news organization owned by Dow Jones. Founded in 1882, its primary competitors are Bloomberg L.P. and Reuters. The company reports more than 420,000 subscribers -- including brokers, traders, analysts and fund managers -- as of July said Wednesday.
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RBS Ribosome Binding Site (genetics) , the leading foreign shareholder in Bank of China and one of three banks bailed out by the British government in October, sold its 4.3 percent stake in the Chinese lender, a source told the newswires.
The 10.8 billion shares were sold at 1.71 Hong Kong dollars each, representing a 7.6 percent discount to their 1.85 dollar closing price Tuesday.
The move, expected to bolster the balance sheet of RBS, was made after the bank's chief executive Stephen Hester visited Beijing last week to inform executives of the Chinese bank of his plan to sell the stake.
Hong Kong-listed Bank of China shares were up 1.6 percent at 1.88 dollars in early trade as analysts believed that the RBS sale had removed a big overhang over more selling down of the bank.
Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. tycoon Li Ka-shing sold part of his charitable foundation's stake in the Chinese lender last week, raising more than 500 million US dollars. The sale followed that by Swiss bank UBS UBS Union Bank of Switzerland
UBS United Bible Societies
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UBS Ulaanbaatar Broadcasting System , which earlier this month sold its 1.33 percent stake in the bank for 835 million dollars.