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BOC in talks with RBS on share sale

(China Daily)
Updated: 2009-01-14 07:48

Bank of China said on Tuesday that it was in talks with Royal Bank of Scotland on the British government-controlled bank's plan to sell shares in the Chinese lender.

Bank of China has been informed about RBS's plan to sell shares and is communicating with RBS, said Wang Zhaowen, chief spokesman at the Chinese bank.

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An announcement on the results of a share sale "will be subject to the communications between Bank of China and RBS," Wang said when reached by telephone.

RBS is expected to sell up to $2.6 billion worth of shares in the Chinese bank. It had earlier said it is considering selling its 4.3 percent stake in Bank of China as part of a review of its international assets.

"RBS is currently examining all of its investments as part of a strategic review. This includes our investment in Bank of China," the bank said.

Stephen Hester, who became RBS's chief executive officer in November after a 20 billion-pound government bailout, is seeking to repair a balance sheet hobbled by more than 7 billion pounds of writedowns in 2008. He follows UBS AG and Bank of America Corp in paring holdings in Chinese banks.

RBS bought its Bank of China stake for 800 million pounds in December 2005, and is expected to make a big profit on the holding. A three-year lock-in on the stake expired last month.