A NatWest Group Plc bank branch in the City of London, UK, on Thursday, Feb. 15, 2024.
The British government has sold 1.24 billion pounds ($1.58 billion) worth of shares in NatWest Group back to the lender, it said on Friday, decreasing its stake to about 22.5% from nearly 26% previously.
The London-listed bank bought back 392.4 million shares from the government in an off-market purchase at 316.2 pence a share, as part of its existing contract with the state.
The heavily anticipated stock sale is a key milestone in the bank's full privatization.
The settlement of the off-market purchase will occur on June 4, the government said in a statement.
Organizations:
NatWest Group, City of, NatWest, Royal Bank of Scotland
Locations:
City, City of London, London