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The government is no longer a ‘controlling shareholder’ in NatWest after its stake fell below 30 percent for the first time.
It marks the latest milestone for the lender, 16 years after it was rescued in a £46 billion taxpayer bailout during the financial crisis.
And it comes ahead of a planned public sale of some of NatWest’s shares this summer.
Minister Bim Afolami said: “This is an important milestone that shows we are making excellent progress in fully returning NatWest to private ownership.”
The government had effectively nationalized the bank – then known as Royal Bank of Scotland – after it was brought to the brink of collapse under the leadership of Fred Goodwin.
Sell-off: Government’s stake in Natwest falls below 30% for the first time since the bank’s bailout 16 years ago
At its peak, taxpayer interest was 84 percent.
This was reduced in subsequent years to 46 percent at the end of 2022, 38 percent at the beginning of this year and 29.82 percent today.
So far the government has recouped just over £15 billion from the sale of its shares in the bank.
But they have come out at a loss, as the Treasury initially bailed out the bank for around £5 per share. Today the shares are worth just over half.
And the government’s remaining stake is worth just under £7 billion.
Led by CEO Alison Rose, the bank – which also includes the Royal Bank of Scotland, NatWest, Coutts and Ulster Bank brands – dropped the RBS group name in an attempt to break with its crisis-ridden past.
However, Rose was subsequently mired in a scandal of her own over the decision to drop former UKIP leader Nigel Farage as Coutts’ client.
She was forced to resign. NatWest appointed Paul Thwaite as interim boss. He has since been given the job permanently.
The Treasury says it plans to return NatWest to full private ownership by the 2025-2026 financial year.
A spokesman for the bank said: ‘We welcome the government’s continued commitment to returning the NatWest group to private ownership.’
