RBS to e skf bearing nd strategic partnership with BOC

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RBS to e skf bearing nd strategic partnership with BOC
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RBS to end strategic partnership with BOCPublished: 05 Mar 2009 18:52:01 PST

Mar. 5, 2009 (China Knowledge) – The Royal Bank of Scotland Group Plc (RBS), one of the largest banking and insurance holding companies in the UK, will terminate its strategic partnership with Bank of China<601988><3988>, which dates from 2005, later this month, sources reported.

RBS, however, will continue to operate its Shanghai and Beijing branches, as well as the China units of ABN Amro.

Due to financial problems, in January RBS exchanged its 4.3% stake in BOC for a total of HK$18.48 billion, selling 10.81 billion H-shares for HK$1.68 to HK$1.71 apiece. RBS posted losses of HK$262.97 billion in net profit last year.

In 2005, RBS China spent US$3.048 billion to acquire 20.943 billion H-shares of BOC, which was 9.61% of the total shares before the mainland bank’s initial public offering.

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