The UK government has asked City of London firms to submit proposals to work on a potential retail offering of NatWest Group PLC (LSE:NWG) shares, in what would be the most high-profile privatisation in London this year.
The Times said the multibillion-pound public sale of shares in NatWest could happen as soon as June, in a move that would evoke Margaret Thatcher’s 'Tell Sid' privatisation spirit ahead of a general election.
Bloomberg reported advisers must present their bids by late February, with the Treasury hoping to run an announcement about the share sale alongside its budget on 6 March, citing several people familiar with the matter.
Chancellor of the Exchequer Jeremy Hunt unveiled plans in November for a potential retail sale within 12 months, with any divestment “subject to market conditions and achieving value for money”.
The government, which is NatWest’s biggest shareholder, held a stake of almost 36% as of 19 January, according to a recent filing.
Economic secretary to the Treasury Bim Afolami told Bloomberg last week that prospects for a retail offer of the bank’s shares were “looking good”.