Royal Bank Scotland Plc confirmed in a statement on Wednesday it sold its stake in Bank of China Ltd.sending shares of the Chinese bank up in Hong Kong.

The British Bank, which now is controlled by the U.K. government said it sold its 1.6 billion pound ($2.3 billion) stake in the Bank of China, meaning it sold about 10.8 billion shares for HK$1.71 each, the Associated Press reported.

Experts believe the move is an attempt to increase cash at RBS which was absorbed by the U.K. government recently.

As for Bank of China, the third biggest in the country, it saw its shares rise in Hong Kong today as much as 6.5 percent and ended 2.7 percent higher at HK$1.90.