NatWest Group PLC (LSE:NWG) has confirmed that the government has further reduced its stake in the lender by an extra £57.3 million, bringing its stake down from 22.5% to 21.93%.
The Treasury sold 18.4 million NatWest shares in the past week to follow a sale of £1.24 billion worth at the start of the month.
PM Rishi Sunak's decision to call an election a few weeks ago meant the government was forced to put a planned retail offer of its stake on hold until after the vote.
It is now expected to start after the election when investors will get a chance to buy shares from the government.
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 them at a later date.
The Treasury has been steadily selling down the government’s stake in the bank, which was acquired as part of a bail-out package following the Global Financial Crisis.