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Treasury to push back sale of RBS stake - report
10th Mar 2020 12:20
(Sharecast News) - The government is reportedly set to announce this week that it will push back the target date for the sale of its stake in Royal Bank of Scotland amid volatility in stock markets.
According to Sky News, the Treasury is set to announce alongside the budget on Wednesday that the projected timetable for selling off the state's 62% stake has been delayed until at least 2025.
Sky cited a source close to the bank as saying that the delay would come as little surprise, given that the government had not sold any of its RBS shares since 2018. In June of that year, the government confirmed it had sold a 7.7% stake for 271p a share - a ?2.1bn loss to the taxpayer.
At 1225 GMT, the shares were up 3.2% at 145.40p.
According to Sky News, the Treasury is set to announce alongside the budget on Wednesday that the projected timetable for selling off the state's 62% stake has been delayed until at least 2025.
Sky cited a source close to the bank as saying that the delay would come as little surprise, given that the government had not sold any of its RBS shares since 2018. In June of that year, the government confirmed it had sold a 7.7% stake for 271p a share - a ?2.1bn loss to the taxpayer.
At 1225 GMT, the shares were up 3.2% at 145.40p.