ROYAL Bank of Scotland (RBS) has confirmed the sale of its 4.7 per cent stake in Euroclear to the owner of the New York Stock Exchange, writes Scott Wright. The deal is expected to bring net proceeds of £175 million to the state-backed lender.
Edinburgh-based RBS told the City last night that it had sold its 148,349 ordinary shares in Euroclear, a leading financial markets settlement platforms, to InterContinental Exchange. The bank, first linked with selling its stake in the platform earlier this week, will use the proceeds for general corporate purposes. It said the sale formed part of its continuing reduction of assets and was in line with its plan to strengthen its capital position.
Lieve Mostrey, chief executive of Euroclear, said: “ICE’s investment reflects the attractiveness of Euroclear’s neutral open architecture model to players in the capital markets ecosystem, including other market infrastructures.
“The collaborative nature of our model allows us to deliver both a diversified range of solutions that respond to the evolving needs of our clients around the world, and generate value for our shareholders.”
Royal Bank, which faced renewed criticism this week for its treatment of businesses placed into its Global Restructuring Group, will report its quarter three results to the market on Friday. Shares closed up 1.5p at 281p.
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