RBS says government to take 57.9 percent stake

Updated Saturday, November 29, 2008 10:33 am TWN, Reuters

RBS says government to take 57.9 percent stake

LONDON -- British lender Royal Bank of Scotland said the government will take a 57.9 percent stake in the group after investors took up just 0.24 percent of the shares offered in its state-backed capital raising. Existing shareholders subscribed for just 55.98 million of the shares offered, leaving the government to take up the remaining 22.8 billion shares, RBS said on Friday. “As a result, HM Treasury will own approximately 57.9 percent of the enlarged issued ordinary share capital of RBS,” the bank said.

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