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Reports: RBS sells Bank of China stake for $2.37b

(Agencies)
Updated: 2009-01-14 15:00

Royal Bank of Scotland (RBS) has sold its entire stake in Bank of China, the mainland's No 3 lender, for nearly $2.37 billion, joining a recent string of investors who have cut their holdings in Chinese banks, media reports said.

RBS sold its 4.3 percent stake, about 10.8 billion shares, in the Bank of China for HK$1.71 per share, representing as 7.6 percent discount over Tuesday's closing price, according to the reports.

Stock prices of Bank of China rose in early trading on Wednesday. By the midday break, Shares of the lender gained 3.8 percent to HK$1.92 on the Hong Kong Stock Exchange. Its mainland-listed A shares were up 1.03 percent to 2.95 yuan.

Edinburgh-based RBS is one of several major investors to sell stakes in Chinese lenders recently, including Bank of America, Swiss bank UBS AG and Hong Kong billionaire Li Ka-shing's foundation.

The move comes less than two months after the British government took majority control of RBS amid fears about its solvency in the face of billions of dollars in write downs from souring assets.