UK to start selling RBS shares with 5.2% stake

[WorldNews]

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Britain is to start selling off its shares in the Royal Bank of Scotland by disposing of 5.2 percent of the state-rescued institution, the Treasury announced Monday. RBS was bailed out with public money at a cost of £45.5 billion ($70.9 billion, 64.7 billion euros) following the 2008 global financial crisis and the British government holds 78.3 percent of the bank's shares. The Treasury owns its stake in RBS through UK Financial Investments and finance minister George Osborne, the chancellor of the Exchequer, agreed with the limited company's desire to start the sell-off, officials said.

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