U.K. Government Cuts NatWest Shareholding Below 22%
By Elena Vardon
The U.K government trimmed its stake in NatWest Group to 21.93% from 22.15% previously, regulatory filings showed on Monday.
The Treasury disposed of 18.4 million ordinary shares in the London-based retail and commercial bank on Friday, it said. The disposal was valued at 58.4 million pounds ($74.4 million) based on Friday's closing price of 316.90 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. state spent GBP45.5 billion on the bailout and at one point owned 84% of the bank.
The latest reduction is part of the government's plan to exit its position and return the bank to private ownership by 2026.
(END) Dow Jones Newswires
June 10, 2024 07:21 ET (11:21 GMT)
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