RBS Share Sale Returns £2.5 Bln To UK Taxpayers; Stock Dips

(RTTNews) - UK Government announced Tuesday that over 2.5 billion pounds worth of government-owned shares of Royal Bank of Scotland Group Plc. (RBS, RBS.L) were sold last night as part of the government's policy to return the bank to private ownership.

The proceeds of the sale will go towards reducing national debt.

In a statement, HM Treasury and The Rt Hon Philip Hammond MP announced that 925 million shares were sold at a price of 271p per share, reducing the government's shareholding by 7.7% to 62.4%.

The Chancellor of the Exchequer, Philip Hammond, said, "This sale represents a significant step in returning RBS to full private ownership and putting the financial crisis behind us. The government should not be in the business of owning banks."

In London, RBS shares were trading at 271.30 pence, down 3.42 percent.