Government cuts stake in NatWest after selling £1.13bn-worth of shares back to bank
The Government has reduced its stake in Natwest Group – formerly RBS – from 61.7% to 59.8% after selling £1.13 billion-worth of shares back to the bank.
The 591 million shares were bought at 190.5p-a-share and is the third sale as part of Government efforts to reduce the state’s shareholding in the bank, which it took during the height of the financial crisis.
The transaction was approved by Chancellor Rishi Sunak and managed in an off-market purchase by the UK Government Investments (UKGI) division. The Government initially paid 440p-a-share for its stake in 2008.