U.K. Government Considers Selling Down NatWest Stake via Institutional Sale, Bloomberg Reports

--U.K. Chancellor Rachel Reeves is considering selling off part of the government's remaining stake in lender NatWest through a share sale to institutional investors, Bloomberg reports citing unnamed sources.

--This would come alongside the government's gradual shareholding trimming via open market sales and directed buybacks, Bloomberg reports. The government currently owns a just under 20% shareholding in the bank.

--Under former Chancellor Jeremy Hunt, the previous government had laid out plans for a retail offer this summer to cut down the stake but the announcement of a general election--which took place earlier this month--put those on hold.

--HM Treasury and NatWest declined to comment. In an press call for its second-quarter results on Friday, NatWest's CEO Paul Thwaite said decisions around the sale of government shareholding, including the timing, pricing and mechanics, are a matter for the government.

Full story: https://tinyurl.com/2azt4yck

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

July 26, 2024 05:47 ET (09:47 GMT)

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