Bailed out by taxpayers during the financial crisis, the government stake in the bank has finally dropped below 50%, following the sale of £1.2bn in shares.NatWest has returned to majority private ownership, more than 14 years after it received a massive bailout by taxpayers following the financial crisis.
On Monday, the government sold a further £1.2bn worth of shares back the bank, diluting its stake in NatWest below 50%. In 2008, NatWest - previously called Royal Bank of Scotland - was teetering on the brink of collapse, and secured a £45.5bn rescue deal and remained 50.6% owned by the taxpayer until this most recent share buyback.NatWest chief executive Alison Rose called the moment an"important milestone", while John Glen, economic secretary to the Treasury, said it was a landmark moment.The move would be a"good use of capital for the bank and our shareholders", said Ms Rose.
"Reducing government ownership below 50% is an important milestone for NatWest Group and a further demonstration of the progress we are making as we continue to deliver for our customers and shareholders," she said.
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