RBS gears up for privatisation sale

Royal Bank of Scotland, the owner of Ulster Bank, has invited investment banks to pitch for the role of corporate broker as the UK state-backed lender gears up for a full return to public hands.

The British government, which owns 80% of RBS, may begin selling part of its holding at a loss later this year.

The government wants to accelerate the disposal of its shares in RBS and Lloyds Banking Group, rescued at a combined cost of £66bn during the 2007-9 financial crisis.