Britain yesterday said that it has ceded control of bailed-out banking giant NatWest Group PLC, cutting its stake to below 50 percent for the first time since the global financial crisis.
The government has sold off another tranche of shares for more than ￡1.2 billion (US$1.58 billion), reducing its holdings from 50.6 percent to 48.1 percent.
“This is a landmark in the government’s plan to return to private ownership the institutions brought into public ownership as a result of the 2007-2008 financial crisis,” the British Treasury said in a statement.
Britain sold approximately 550 million shares at ￡2.205 per share to NatWest, formerly known as Royal Bank of Scotland (RBS).
RBS was rescued with ￡45.5 billion of government funds in the world’s largest banking bailout at the height of the global financial meltdown.
“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,” British Economic Secretary to the Treasury John Glen said.
“We will continue to prioritize delivering value for money for the taxpayer as we take forward this plan,” he added.
At its peak, the government owned 84 percent of RBS, but this holding has been gradually reduced.
Britain also rescued Lloyds Banking Group PLC during the financial crisis, but the lender was returned to full private ownership in 2017.
The government sold the shares for more than it paid.
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