4/6/2010-UK’s largest government owned bank, Royal Bank of Scotland (NYSE:RBS), offered to repurchase or exchange $9.3 billion USDE in subordinated debt in an effort to boost its capital position.
RBS will tender for 3.4 billion pounds of capital notes including preferred shares and trust preferred securities, paying as little as 52 cents on the dollar for some notes, the bank said in a statement today.
Shares of RBS are trading 2.4% lower to $13.67.
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