The UK government’s shareholding in the NatWest Group is now below 50% after it sold its shares worth £1.2bn in the group.
NatWest bought nearly 550 million shares, which amount to 4.91% of the bank’s share capital, for a price of 220.5 pence apiece in an off-market purchase.
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The government had acquired a majority stake in the banking group as part of a £45.5bn bailout of NatWest, formerly known as the Royal Bank of Scotland (RBS).
The deal has slashed the government’s stake in NatWest to 48.1% from 50.6% and it plans to sell £15bn worth of shares in the bank by 2023.
UK Economic Secretary to the Treasury John Glen said: “This sale means that the government is no longer the majority owner of NatWest Group and is therefore an important landmark in our plan to return the bank to the private sector.
“We will continue to prioritise delivering value for money for the taxpayer as we take forward this plan.”
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By GlobalDataNatWest CEO Alison Rose said that the share repurchase deal is an “important milestone” and “good use of capital for the bank and our shareholders”.
“Reducing government ownership below 50% is an important milestone for NatWest Group and a further demonstration of the progress we are making as we continue to deliver for our customers and shareholders,” she added
