UK Government confirms disposal of £2.5bn RBS stake

UK Government Investments (UKGI) has confirmed it has successfully completed its disposal of a 7.7 per cent stake in Royal Bank of Scotland.

Royal Bank of Scotland Picture: Jane Barlow/PA Wire

The placing price was 271p per share, which will result in proceeds of £2.5 billion.

It will bring the public holding in the bank down to 62.4 per cent.

RBS chief executive Ross McEwan said: “I am pleased that the Government has decided the time is now right to restart the share sale process.

“This is an important moment for RBS and an important step in returning the bank to private ownership.

“It also reflects the progress we have made in building a much simpler, safer bank that is focused on delivering for its customers and its shareholders.”