The fact that Royal Bank of Scotland is even considering selling its shareholding in Bank of China underscores its radical change in direction since the British government took control of the lender late last year.

As recently as last July, when RBS was struggling to shore up its balance sheet, executives insisted the bank would not sell its BoC stake. They argued the shareholding in China’s second-largest bank was part of RBS’s long-term approach to building a presence in the region.