(MENAFN- ProactiveInvestors)The British government is planning to sell half its stake in state-owned Royal Bank of Scotland (LON:RBS) it was reported on Monday. Ministers are thought to be aiming to offload the £16bn holding within two years of a possible first sale in September news agency Reuters cited unidentified sources as saying. A final decision which has still to be made will depend on the bank's performance market conditions and ongoing investigations into RBS's involvement in past banking scandals it was reported. Chancellor George Osborne has already said he planned to start selling the government's 78% stake but Monday's news means the stock is likely to be sold more quickly than previously planned making government losses on the sale likely. Ministers have already sold much of the government's stake in rival Lloyds Banking Group. Both stakes were taken by the taxpayer to rescue the banks after the 2008 financial crisis but Lloyds has recovered faster than RBS and it came as a surprise to some that Osborne would consider selling RBS at a loss. Osborne may say more on the issue when he presents the new Tory government's emergency budget on Wednesday.
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