U.K. Government Cuts NatWest Stake to Under 17%
By Elena Vardon
The U.K government continued trimming its stake in NatWest Group as it edges closer to returning the bank to private ownership, with regulatory filings showing that its shareholding was cut to 16.92% from 17.97%.
The Treasury disposed of 86.7 million ordinary shares in the London-based retail and commercial lender on Friday, regulatory filings showed on Monday.
It now holds 5.62 billion voting rights in the lender, equal to 1.41 billion shares, which are worth 4.75 billion pounds ($6.32 billion) based on Friday's closing price of 337.70 pence a share.
The government's stake in the bank resulted from its 2008 bailout of Royal Bank of Scotland, which bought NatWest in 2000 and rebranded the enlarged company as NatWest Group in 2020. The U.K. spent 45.5 billion pounds on the bailout and, at one point, owned 84% of the bank.
Shares in NatWest have gained almost 53% since the start of the year.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
September 23, 2024 08:00 ET (12:00 GMT)
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