11th Nov 2024 09:45
NatWest Group PLC - Edinburgh, Scotland-based bank - NatWest buys back GBP1 billion worth of its shares from HM Treasury, as the UK government continues to sell down its stake in the lender. NatWest buys 262.6 million shares, a 3.2% stake, at 380.8 pence each, the stock's closing price on Friday in London. The government now has a 12% stake in NatWest, having owned 84% following a taxpayer bailout of what was then Royal Bank of Scotland Group during the financial crisis of 2008 and 2009. As recently as 2018, HM Treasury held a 62% stake in NatWest, but it has been selling this down progressively since. NatWest said it will cancel all the repurchased shares. It continues to target a CET1 ratio of 13% to 14%.
"This transaction represents another important milestone on the path to full privatisation," says NatWest Chief Executive Officer Paul Thwaite. "We believe it is a positive use of capital for the bank and for our shareholders and we are pleased with the sustained momentum in reducing HM Treasury's stake in NatWest Group throughout this year."
Current stock price: 387.80p, up 1.8% early Monday in London
12-month change: up 97%
By Tom Waite, Alliance News editor
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