RBS offloads China bank shares

Royal Bank of Scotland has announced the sale of its entire stake in Bank of China for £1.6bn (€1.8bn).

The bank, which is now 57% owned by the UK Government, said the disposal of the 4.3% holding reflected its “new strategic priorities”.

RBS is one of several major investors to sell stakes in Chinese banks in recent months, including Bank of America and Swiss giant UBS.

The Edinburgh-based bank acquired the stake for £900m (€990m) in August 2005.