Royal Bank of Scotland Group Plc (RBS) ruled out selling its stake in Bank of China, the Financial Times said, citing a senior executive.

RBS will keep its 5 percent stake in BOC and continue to expand even as it sells assets elsewhere, the newspaper cited Gordon Pell, RBS's chairman of regional markets, as saying. The stake has tripled to US$4.8 billion since the Scottish bank bought the shares in 2005.

(Shanghai Daily July 15, 2008)