Beijing  - Cash-strapped Royal Bank of Scotland Plc is seeking to sell off its entire stake in Bank of China Ltd in hopes of raising 2.3 billion dollars, according to a report published Wednesday in China.

Shanghai Daily reported that Royal Bank of Scotland was seeking 1.68 Hong Kong dollars (22 US cents) per share for its 10.8 billion shares in Bank of China. The price would be more than 8 per cent below Bank of China's price at the close of Tuesday trading.

The sale would still be a profit of nearly 800 million dollars over the price that the British bank paid in 2005 for its stake in Bank of China, which has seen its share price drop by 13 per cent this month.

Since its partial takeover during the autumn financial crisis, Royal Bank of Scotland is the biggest bank under British government control.

Several other European and US-based banks have liquidated their stakes in Chinese banks in recent weeks. (dpa)