RBS buys €1.3bn stake in Chinese bank

Royal Bank of Scotland (RBS) announced a major move into China today after it led a group of investors in the purchase of a stake in the country’s second largest bank for $3.1bn (€2.5bn).

The co-investors will take a 10% holding in Bank of China in a move that will allow RBS and the bank to team up in a number of business areas. RBS will provide $1.6bn (€1.3bn) towards the deal.