The Treasury has sold £1.24 billion worth of shares back to NatWest Group PLC (LSE:NWG), bringing the government’s stake down from 27% to 22.5%.
It comes after the government announced an expected delay in the eagerly awaited retail offer due to Prime Minister Rishi Sunak announcing an election set for 4 July.
NatWest intends to cancel over half of the repurchased shares and hold the remaining 170 million in treasury, given the option to cancel or reissue the shares at a later date.
The Treasury has been steadily selling down the government’s stake in the bank acquired as part of a bail-out package following the Global Financial Crisis.