Britain’s government has reportedly been in talks for six months to sell a part of its stake in state-owned Royal Bank of Scotland (NYSE:RBS) to the royal family in Abu Dhabi.
Sources said the deal could leave Abu Dhabi with more than a third of a stake in RBS, however a possible deal won’t be decided for at least a few months. The U.K. government currently holds 82% of the bank.
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Shares of RBS ticked higher on the report.
A senior banker told Reuters that the deal could still fall through on price grounds. The family is apparently not planning on using the oil-rich nation’s sovereign wealth funds.
People familiar with the matter told The Wall Street Journal that the U.K. is still weighing options for the sale of its stake and no deal is imminent.