NO. 20


Financial and Banking News

Investment Activities

KIO Cuts Stake in Royal Bank of Scotland

The Kuwait Investment Office (KIO) has reduced its stake in the Royal Bank ofScotland from 6.06% to 2.34% after selling a block of 28mn shares to ScottishEquitable Life Assurance Society. The KIO has held an important stake in RoyalBank since 1982, which reached a peak of 22% in May 1987.