October 29, 2018 / 5:09 PM / 17 days ago

UK government to sell all remaining RBS shares by 2023-24 - budget

LONDON, Oct 29 (Reuters) - The British government plans to sell all its remaining shares in taxpayer-owned Royal Bank of Scotland by 2023-24, according to a document published by the country’s budget watchdog on Monday.

The Office for Budget Responsibility said the government would not sell any further shares this year, but would raise an estimated 20.6 billion pounds ($26.4 billion) from share sales over the next five years.

The government has a 62.4 percent stake in the bank, which it rescued in a 45.5 billion pound bailout in 2008.

$1 = 0.7814 pounds Reporting by Emma Rumney; editing by Silvia Aloisi

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