UK government looses with RBS
RBS yet again in news, even UK government who bailed out Royal Bank if Scotland in 2008 is facing losses. UK Government helped the bank by bailing out during financial crisis and owns about 70% of RBS.
RBS is still closing branches and making their staff redundant. A Bank which I was proud of to work for once upon a time!
UK government sold the shares for 271p each considerably less than 500p it paid for them back in 2008, at a loss of more than £2bn.
It has reduced its holding in the company from 70.1% to 62.4%, and intends to sell £15bn worth of RBS shares by 2023.
Horrible news and looks like more to come.
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