The Spanish bank, which retains a 5% holding in RBS, is said to have executed the disposal through a series of swap contracts with several banks including UBS Warburg and JPMorgan while keeping each of them in the dark about the deal’s eventual size and each other’s involvement.
The disposal took place against the backdrop of several other capital-raising deals that SCH undertook within about a month of each other to help raise its core tier I capital ratio to a target level of 5.5%.
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