British government to sell Royal Bank of Scotland

The British government plans to sell Royal Bank of Scotland Group plc by divesting 3 billion pounds that is about $4 billion share by the end of march 2019.

The plan comes as a boon to U.K’s Finance minister,Philip Hammond, who on Wednesday delivered a gloomy budget statement warning of lower tax revenues.

The share sale would represent around two thirds of the government’s 71 percent stake in RBS at current market prices.

The British government pumped 45.5 billion pounds into RBS in the depths of the financial crisis, and efforts to recover the money from the bank have failed due to plunging share price, regulatory probes in the United States and Brexit.