Royal Bank of Scotland sells OTE stake

22 May 2008

The Royal Bank of Scotland (RBS) has sold a 9.14% stake in Greek incumbent telco OTE on the Athens Stock Exchange, leaving it with a 0.2% holding. CommsUpdate reported in January that RBS had bought 6.49% of shares in OTE, following an acquisition of voting rights. At the time RBS said the shares were obtained as a hedging position to its customer business and were not a proprietary holding. Earlier this month Germany’s Deutsche Telekom clinched a deal to take a 25% stake plus shared management control of OTE with the Greek government.

Greece, Cosmote