Date:29/11/2008 URL: http://www.thehindu.com/2008/11/29/stories/2008112954211400.htm

Business

U.K. takes 58 % in RBS

LONDON: Britain took a 58 per cent stake in Royal Bank of Scotland on Friday as the State picked up 15 billion pounds ($23 billion) of shares in the lender after investors shunned a rescue plan. Britain is also buying 5 billion pounds of preference shares from RBS, and is set to take big stakes in merger partners Lloyds TSB and HBOS under a 37 billion pound bailout plan unveiled last month.