Gov’t sells another tranche of Nat West

The NatWest Group (formerly the Royal Bank of Scotland) is no longer under majority public ownership, with the government selling off a further chunk of its holding in the Bank this morning.

The government has sold 550 million shares in the bank at 220.5 pence per share, meaning the state now owns 48.1% of the bank, down from 50.6%.

This is the government’s fifth share sale in RBS, as it has steadily reduced its holding from over 80%.

RBS was previously taken into public ownership as a result of the 2007-2008 financial crisis. At the time, the taxpayer was forced to prop up the failed bank to the tune of £48 billion.

Commenting on the sale, John Glen, the Economic Secretary to the Treasury said, “This sale means that the government is no longer the majority owner of NatWest Group and is, therefore, an important landmark in our plan to return the bank to the private sector. We will continue to prioritise delivering value for money for the taxpayer as we take forward this plan”.

 

 

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