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RBS likely to trim stake in Bank of China

By Wang Lan (chinadaily.com.cn)
Updated: 2009-01-08 15:34

Although Royal Bank of Scotland (RBS) has notified Bank of China (BOC) that it was reviewing its investment strategy, the Scottish bank has not said whether it will dispose of its holdings in BOC so far, spokesman of the Chinese third largest lender told China Daily today.

Wang Zhaowen, the spokesman of BOC said: "The Royal Bank of Scotland is now reviewing whether to hold or sell its stake in Bank of China, but it has not made the final decision."

Speculation of RBS's possible sale of its 4.3 percent stake in BOC came after the Swiss bank UBS sold its interest in BOC at a discount to institutional investors last week. Bank of America on Wednesday sold a 12.57 percent of its stake in China Construction Bank for over $2.8 billion.

RBS acquired its minority holdings in BOC in December 2005 as the lead partner in a consortium that included US investment bank Merrill Lynch and Singapore's Temasek. The three-year lock-in period on the investment expired last week.

Analysts said other foreign banks, including Goldman Sachs and Citigroup could be tempted to raise cash by selling their respective stakes in Chinese financial institutions when the lock-in periods expire.