The UK government has sold its final shares in NatWest Group, formerly Royal Bank of Scotland (RBS), ending 17 years of public ownership that began during the 2008–09 financial crisis.
The final disposal was carried out through a trading plan on 30 May 2025, returning the bank fully to private hands.
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The state initially stepped in with a £45.5bn bailout of bank, acquiring a stake of 84.4%.
The government has recouped about £35bn of its costs through share sales, dividends and fees, resulting in a £10.5bn loss to taxpayers.
The disposal of shares took place through a combination of methods. These included three accelerated bookbuilds in 2015 (£2.1bn), 2018 (£2.5bn) and 2021 (£1.1bn); five directed buybacks by NatWest between 2021 and 2024; and a trading plan that ran from 2021 to 2025.
Earlier in 2017, the government disposed its remaining stake in Lloyds Banking Group, helping the bank return to private ownership, almost nine years after infusing £20.3bn to rescue it.
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By GlobalDataThe sale returned £21.2bn to the taxpayer, £894m higher than the government’s original investment.
UK Exchequer Chancellor Rachel Reeves said: “Nearly two decades ago, the then Government stepped in to protect millions of savers and businesses from the consequences of the collapse of RBS. That was the right decision then to secure the economy and NatWest’s return to private ownership turns the page on a significant chapter in this country’s history.”
NatWest Group CEO Paul Thwaite said: “This is a significant moment for NatWest Group, for all those who work here and for the UK more widely. As we turn the page on the financial crisis, we can look to the future with confidence, without forgetting the lessons of the past.
“I am proud to have been part of the team that has helped build a simpler, safer, more customer-focussed bank. It is thanks to the incredible loyalty of our customers and colleagues, along with the support of our shareholders – including the UK taxpayer – that this change has been possible.
Last month, NatWest acquired a minority stake in Yonder, a credit card platform.
