Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Saturday, July 20, 2019 12:03:26 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Britain begins sale of stake in bailed-out Royal Bank of Scotland

By AFP, London
05th-Aug-2015       
Comments
Share your thought
Post a comment »
Read all () »

Britain's government has begun selling its majority stake in bailed-out Royal Bank of Scotland (RBS) to reduce state debt and kick-start the lender's full return to the private sector, the Treasury said Tuesday.
The government has sold 5.4 percent of RBS for £2.1 billion ($3.3 billion, 3.0 billion euros), a statement said.
Royal Bank of Scotland was rescued with £45.5 billion of public money in 2008 at the height of the global financial crisis.
The world's biggest bank bailout handed Britain's government with about 80 percent of the Edinburgh-based lender.
RBS has since reported losses totalling about £50 billion and has axed more than 30,000 jobs, with thousands more reportedly set to follow.
"The government has today begun the process of selling its shares in the Royal Bank of Scotland. It has sold 5.4 percent of the bank at a price of 330p per share," the Treasury said Tuesday.
"The £2.1 billion raised from the sale will be used to pay down the national debt."
But with the state having bailed out RBS at a cost of 500 pence a share, the taxpayer is taking a sizeable hit on the sale.
Finance minister George Osborne insisted that the move was "an important first step in returning the bank to private ownership, which is the right thing to do for the taxpayer and for British businesses".
He said the move would "promote financial stability, lead to a more competitive banking sector, and support the interests of the wider economy."
Back in February, Royal Bank of Scotland said it would end investment banking in the Middle East and Africa and significantly reduce its presence in Asia and the US after a seventh straight annual loss for 2014.
But it recorded a 27-percent rise in net profits for the second quarter of this year, with the sale of US operations offsetting higher exceptional costs.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Corruption in WASA crosses all limits


THE Anti Corruption Commission has identified eight projects and three areas in Dhaka WASA where corruption takes place. The State enterprise keeps extending deadlines and increasing the costs of its projects to create room for corruption. In many cases, WASA did not carry out its work as per project designs ...

International »

UN reaches agreement with Yemen rebels to resume food deliveries


AFP, United Nations :The World Food Program has reached an agreement in principle with Yemen's Huthi rebels to resume food aid to areas they control, the agency's chief said on Thursday.Malnutrition is widespread in Yemen after four years of civil war, but the UN suspended deliveries of food aid to ...

Entertainment »

Shabnam Parvin’s Hurmoti film to be released after Eid


Entertainment Report :Viewers’ choice popular actress Shabnam Parvin has made a movie titled Hurmoti which is based on her own written story. Shabnam Parvin herself played the title role in the movie. Al Monjur wrote dialogue while script was also written by Shabnam Parvin herself. Shabnam Parvin informed that against ...

Editorial »

China funded projects: Delay would create problems


A JOINT working group has been formed to probe the slow progress of the 27 projects involving around $20 billion that China had agreed to provide during President Xi Jinping's Dhaka visit in October 2016. China has so far disbursed only $981.36 million -- less than 5 percent of the ...

Football »

Infantino reacts to Blatter criticism over Africa cleanup


AP, Cairo :FIFA president Gianni Infantino hit back at Sepp Blatter's criticism of the world soccer body's cleanup operation in Africa as a modern-day form of "colonialism."Infantino response on Thursday was: "I have to laugh about it."Blatter, the former head of FIFA who is serving a six-year ban from soccer, ...

City »

A vital portion of highway in Uttara near Armed Police Office is in dilapidated condition where big potholes and cracks following incessant rains for the last few days and works relating to metro-rail project, other development works. This photo was taken on Thursday.


International »

US against any country purchasing Russia's S-400 defence system: Pentagon


PTI, Washington :The US is keen to make its defence partnership with India stronger, the Pentagon has said, but made it clear that it is against any country purchasing military equipment, including the S-400 missile defence system from Russia, that is designed to counter America's sophisticated fifth-generation aircraft.The remarks by ...

International »

Sea-Watch captain Rackete faces Italian prosecutor over migrant rescue


AFP, Agrigento :German captain Carola Rackete, who sparked international headlines by forcibly docking in an Italian port with rescued migrants, faces questioning by an Italian prosecutor on Thursday over allegedly aiding illegal immigration.The captain of the Sea-Watch 3 is expected to be questioned in the southern Sicilian town of Agrigento ...

Entertainment »

Poppy supports Bobita’s remark


Entertainment Report :Nick name of internationally acclaimed film actress Bobita is Poppy. Due to acting in the big screen Bobita had to sacrifice her name Poppy. On the other hand, after starting acting in movies Poppy could keep her original name. Poppy sometimes feels pleasure when she recalls the original ...

Editorial »

Ensure hassle-free higher education for them


THE results of this year's Higher Secondary Certificate and equivalent examinations under country's 10 education boards were announced yesterday where the combined pass rate rose by 7. 29 percent - that means it's now 73.93 per cent from last year's 66.64 per cent. The number of GPA-5 achievers in the ...

City »

Students of the city`s Motijheel Ideal School and College exulting over the brilliant results of the HSC examination. The snap was taken from the premises of the institution on Wednesday.


.

International »

China gifts military warship to Sri Lanka in sign of deepening cooperation


PTI, Beijing : China has gifted a warship to Sri Lanka, in the latest sign of its deepening military cooperation with the strategically located island nation in the Indian Ocean. Also, China's rolling-stock manufacturer has announced that it would shortly deliver nine "new type" of diesel trains to Sri Lanka.The China-gifted ...

Entertainment »

Peya Bipasha`s Eid telefilm Opekkha


Sheikh Arif Bulbon :Gleaming model and actress Peya Bipasha has recently acted in an Eid telefilm titled Opekkha under the direction of Maksudur Rahman Bishal. This was Peya’s first work for the upcoming Eid. In the telefilm, Peya Bipasha will be seen against Emon on the screen. Promising TV actress ...

Editorial »

Accidents at level crossings


A newly-married couple and eight others of the bridal party were killed when a Dhaka-bound train rammed their microbus at an unmanned level crossing in Sirajganj's Ullapara upazila on Monday evening. The fatal accident has spoiled unmet dream of the couple. It's due to utter negligence of the Railway Authorities ...

Football »

Argentine sport court member advices Messi to apologize


AP, Buenos Aires :Lionel Messi should apologize for his harsh comments at the Copa America in order to avoid a sanction, an Argentine member of sport's highest court said on Monday.Following defeats in the last two finals, Messi had another frustrating end to the tournament when he was sent off ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news