RBS became the leading foreign shareholder in the Chinese lender after acquiring a 4.3 per cent stake in 2005. However, it had been expected to offload the holding after the bank was rescued by the UK government in the wake of the financial crisis.
RBS waited until the Hong Kong market closed yesterday to launch an institutional placing of its 10.8bn shares at HK$1.71 each, representing a discount of around 8 per cent to BoC's closing share price, according to people familiar with the sale.
Selling the BoC stake will bolster the bank's balance sheet, which last year received a £20bn ($29bn) capital injection from the government.
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