UK may speed up RBS sale to avoid clash with Lloyds exit: sources

Britain may accelerate plans to start selling shares in Royal Bank of Scotland to avoid a sale clashing with the full privatisation of Lloyds Banking Group in March next year, banking and political sources said.

PHOTO: REUTERS

JUN 5, 201510:22 PM

[LONDON] Britain may accelerate plans to start selling shares in Royal Bank of Scotland to avoid a sale clashing with the full privatisation of Lloyds Banking Group in March next year, banking and political sources said.

Government officials are examining the possibility of a first sale of RBS shares in September, the sources said, and bankers say a sale of shares worth between 3 billion and 5 billion pounds is a viable option.

However, no decisions have yet been taken, the sources said.

RBS was rescued by the government during the 2007-9 financial crisis at a cost of 45.2 billion pounds to taxpayers, leaving Britain with an 80 per cent stake.