RBS confirms 1.6 billion pound Bank of China stake sale

Wed Jan 14, 2009 8:12am GMT

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LONDON (Reuters) - Royal Bank of Scotland confirmed on Wednesday that it had sold its 4.26 percent stake in Bank of China for 1.6 billion pounds .

Royal Bank of Scotland (RBS) said it had sold 10.8 billion H shares for HK$1.71 each.

"The decision to sell the stake forms part of the ongoing strategic review of the group's businesses announced in October," RBS said in a statement.

"After taking account of tax and the effects of currency hedging, the impact of this disposal on the group's capital ratios is expected to be broadly neutral."

(Reporting by Paul Hoskins, editing by Paul Sandle)

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