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Britain lowers NatWest stake with $1.5 billion share sale
05/11/2021 | 03:47am EDT
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LONDON (Reuters) -The British government has completed the sale of 1.1 billion pounds ($1.55 billion) in shares of NatWest, lowering its stake to below 55% in the lender it bailed out over a decade ago.
UK Government Investments (UKGI), the state-owned company that controls the shares, said the they were priced at 190 pence, 4% below Monday s closing price of 197 pence.
NatWest has been majority state-owned following a 45 billion-pound bailout in 2008 during the financial crisis. The sale crystallises a further hefty loss of around 1.8 billion for taxpayers, with shares well below the 502 pence bailout level.
Last modified on Tue 11 May 2021 08.35 EDT
The government has edged closer to exiting majority ownership of NatWest after selling a £1.1bn stake in the bank, which the taxpayer bailed out during the financial crisis more than a decade ago.
In a development authorised by the chancellor, Rishi Sunak, the Treasury said it had sold 580m shares at a price of 190p a share in a competitive overnight sale to City investors, cutting the government stake in the bank from 59.8% to 54.8%.
It brings the public stake in NatWest, formerly known as Royal Bank of Scotland, closer to minority ownership after years of stop-start attempts to return the bank to the private sector dating back to the government of David Cameron.