HM Treasury has sold off further shares in NatWest Group PLC (LSE:NWG), taking the taxpayer's stake to less than 30% for the first time since the lender was rescued during the global financial crisis.
Some 101,159,756 shares were sold by the Treasury on Monday, reducing the government’s stake from 30.98% to 29.82%, meaning the Treasury is no longer technically a controlling shareholder
The state's shareholding sat at 37.98% late last year.
“We welcome the government’s continued commitment to returning NatWest Group to private ownership,” a spokesperson from the bank said.
“With the government shareholding now below 30%, we have been pleased with the recent momentum to achieving this shared ambition, which we believe is in the best interests of the bank and our shareholders.”
Plans have been drawn up for a large portion of the government’s remaining NatWest stake to be sold off in a retail offering later this year, with the expected by summer “at the earliest”. Investment platforms, including Hargreaves Lansdown, interactive investor and AJ Bell, are expected to be involved.