By Josh Beckerman

Royal Bank of Scotland Group PLC (RBS, RBS.LN) is taking a step toward private ownership with a plan to make off-market purchases of ordinary shares from the U.K. government.

RBS is majority-owned by the government following a 2008 bailout.

The bank is seeking shareholder approval for the plan at a Feb. 6 general meeting.

RBS said "this resolution would provide the bank with the flexibility to use some of its excess capital to buy back government shares at a time and price agreed with HM Treasury."

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

January 17, 2019 13:49 ET (18:49 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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