Royal Bank of Scotland raised about $2.4bn by offloading its stake in Bank of China at around an 8 per cent discount to the lender’s closing price in Hong Kong on Tuesday, the FT reported, citing people familiar with the sale. RBS became the leading foreign shareholder in the Chinese lender after acquiring a 4.3 per cent stake in 2005. RBS bought its BoC shareholding for £800m in December 2005 as the lead partner in a consortium that included Merrill Lynch and Temasek of Singapore. Separately, RBS said Nigel Rudd, its deputy chairman, would step down after the Barclays annual meeting in April.

This entry was posted by Stacy-Marie Ishmael on Wednesday, January 14th, 2009 at 5:30 and is filed under Capital markets. Tagged with bank of china, rbs. Edit this entry.