U.K. government sells 7.7% RBS stake at a discount
The U.K. government said Tuesday it has sold a 7.7% stake in Royal Bank of Scotland Group PLC, pushing on with a plan to shed its ownership in the Scottish bank at a loss. The U.K. Government Investments Ltd, which controls the British government’s 70% stake in RBS, placed 925 million shares at 271 pence each with institutional investors and sold the stake for GBP2.51 billion ($3.34 billion).