Royal Bank of Scotland outlines plan to reduce taxpayer stake
Royal Bank of Scotland outlines plan to reduce taxpayer stake. The lender has tabled a special resolution seeking permission to make off-market share purchases from the Treasury through a “directed buy-back” scheme. The lender has been exploring a share buy-back programme since last year that would aim to bring the public holding to less than 50% by the end of the current parliament. RBS said the buy-back could take place as part of a placement by the Treasury at a price determined through an open-market book-building process. Or it could happen via a bilateral deal whereby the bank buys a certain number of shares at the relevant market price agreed with Treasury, independent of any larger placement of shares by the Government.