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The government has sold £1.2 billion of its shares in the NatWest Group (including the NatWest and RBS brands), meaning the bank is no longer majority owned by the taxpayer for the first time in over a decade.
The banking group was part-nationalised in 2008 as the government sought to stabilise the fortunes of UK banks at risk of collapse during the 2007-2008 global financial crisis. The government has now reduced its share of the group from 50.6% to 48.1% in the fifth sale of its shareholding.
The NatWest Group has bought back approximately 550 million shares from the from the government at a price of 220.5p per share, raising £1.212 billion for the Treasury. This is the fifth time that the government has sold part of its stake in the banking group as it continues to return the company to fully-private ownership.
The 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.”
The sale was managed by UK Government Investments Ltd, advised by Goldman Sachs and Freshfields Bruckhaus Deringer.