Govt to take 58% stake in RBS

clock

The Government will own nearly 58% of embattled banking giant RBS after existing investors shunned its £15bn rights issue.

In a statement released this morning, RBS announced just 0.24% of the cash call was snapped up by investors by the 25 November deadline. It means HM Treasury will need to take on the nearly all of the 23bn new RBS ordinary shares, equating to about 57.9% of the bank's capital. The bank's shareholders snubbed the issue because RBS has been trading well below the 65.5p per-share offer price announced back in October. RBS share price is steady this morning at 55p. Contact: Hysni Kaso - 0207 484 9793 - [email protected] IFAonline

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Investment

Image: The latest market news and analysis

Market Movers: UK producer price inflation falls as inflation eases

Producer price inflation fell to its lowest rate since March last month

Investment Week
clock 26 January 2023 • 1 min read
2023 looks to be a defining point for the industry

Asset managers prepare for staff reductions in challenging 2023

Compressed growth predicted with streamlined product offerings

Kathleen Gallagher
clock 25 January 2023 • 6 min read
Meet the panel for Sustainable Investment

Meet the expert panel sharing their perspectives on Sustainable-Investment.com

Connecting the sustainable investment community

clock 24 January 2023 • 3 min read