China Sale Makes RBS The Latest, But Not The Last

As CFW said was likely last week, Royal Bank of Scotland (RBS) has confirmed that it has sold its entire 4.26% stake in Bank of China for GBP1.6bn (US$2.34bn), as part of an 'ongoing strategic review of the group's businesses announced in October'. RBS, which is 60% owned by the British government, sold 10.8bn H shares at HKD1.71 (US$0.22) each, netting GBP800mn in profit having bought the stake for GPB900mn in August 2005. These profits will be significantly diluted, however, by 'tax and the effects of currency hedging', and RBS has said that the impact of this disposal on the

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