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RBS sells Storebrand stake
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Date: Monday 13 Oct 2008
LONDON (ShareCast) - Cash-hungry banking group Royal Bank of Scotland has sold a 9.98% stake in Norwegian insurance company Storebrand.
The company raised 987.8m Norwegian kroner (£92m) from the sale of 44.9m Storebrand shares at 22 kroner per share.
The stake was placed as part of an accelerated book build offering.
The money raised will be a drop in the ocean compared to the £20bn which Royal Bank of Scotland plans to raise in order to boost its core Tier 1 ratio.
RBS is to issue £15bn worth of new shares at 65.5p to be underwritten by HM Treasury. In addition, the government will subscribe for £5bn of preference shares.
The capital raising will increase RBS's pro forma core tier 1 and tier 1 capital ratios by approximately 3 percentage points and 4 percentage points respectively, on a proportionally consolidated basis.