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Government in talks with Abu Dhabi over RBS sale

The Government is reportedly in talks with Abu Dhabi sovereign wealth funds about selling part of its stake in Royal Bank of Scotland.

According to a report by the BBC, the government, which controls 82% of the bank, has been negotiating with Abu Dhabi sovereign wealth funds for months.

The report states the government could sell up to a third of its stake to Abu Dhabi, one of the seven states of the United Arab Emirates.

It also suggests the sale is likely to be loss-making, as RBS shares currently trade at much less than the 50p the government paid in 2008.

RBS shares currently trade at 27p, meaning taxpayers could suffer losses of around £1bn for every £1bn paid by the government.

In 2008-09, the government bailed-out RBS with £45.4bn of taxpayers’ money, to prevent it from collapsing following its near-ruinous acquisition of ABN Amro.

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