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Government ownership in NatWest falls to 22.5%
(Image credit: George Iordanov-Nalbantov)
NatWest Group, the owner of RBS, has bought back a further £1.24bn of HM Treasury’s own shares.
This equates to 392.4 million shares repurchased from the government at 316.2 cents per share and, combined with HMT’s ongoing trading plan, reduces the government’s stake in the bank to approximately 22.5% – down from 26, 95% of May 13th.
Public ownership of NatWest Group was 84% in 2008 when RBS was rescued. A the planned sale to retail investors next month of the taxpayer’s remaining stake has been suspended following the announcement of the UK general election.
Paul ThwaiteNatWest Group chief executive said: “This transaction represents another important milestone for the NatWest Group, building on the recent momentum in reducing HM Treasury’s stake in the bank.
“We believe it is a positive use of capital for the bank and our shareholders and represents further progress against the ambition to return the NatWest Group to fully private ownership. Our focus remains on delivering for our customers, which will in turn serve our shareholders and the UK economy.”