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Ulster at core of RBS

ULSTER Bank is likely to remain a core element of the Royal Bank of Scotland, despite reports that the British government were looking at selling its majority share in the bank.

The UK government, which owns 82pc of RBS, is understood to be in talks with an Abu Dhabi-based sovereign wealth fund over a sale of a portion of its stake. Stakes of anything up to 33pc have been mentioned, although analysts here claim only around 10pc is likely to be sold in the short-term.