January 17, 2019 / 4:24 PM / 5 months ago

RBS seeks investor backing for share buyback plan

LONDON, Jan 17 (Reuters) - State-backed British bank Royal Bank of Scotland is to consult with shareholders on plans for a buyback of its shares owned by the Government, using excess capital to accelerate its return to private ownership.

The lender told investors it would hold a general meeting on February 6.

RBS is 62.3 percent owned by British taxpayers, following its 45 billion pounds ($58.13 billion) bailout during the financial crisis. ($1 = 0.7741 pounds) (Reporting by Iain Withers, Editing by Sinead Cruise)

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