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RBS to seek shareholders' approval for new share buyback

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RBS to seek shareholders' approval for new share buyback

Royal Bank of Scotland Group PLC will hold a shareholders meeting Feb. 6 to seek approval for a new share buyback program, the group's latest move to return to private ownership.

Aside from institutional placements with the U.K. Treasury, the Edinburgh-based lender will propose to buy shares through stand-alone purchases, a nondiscretionary broker-managed directed trading program or an institutional placing. RBS intends to repurchase a maximum of £1.4 billion in shares from the government, or a 4.99% stake, The Guardian noted.

The Treasury, through UK Government Investments, currently controls a 62.37% stake in RBS, according to S&P Global Market Intelligence data. In June 2018, the government off-loaded a 7.7% stake in the bank for £2.51 billion, although the deal left taxpayers with implied losses of approximately £2.14 billion.

The Treasury aims to privatize RBS completely by March 2024, The Guardian noted.