British government extends NatWest trading plan by one year

The UK government said it will only dispose of its remaining 48.5% shareholding in NatWest 'when it represents value for money to do so and market conditions allow'

NatWest's Irish arm, Ulster Bank, is leaving the ROI banking market. Photo: Sam Boal / RollingNews.ie

The British government has extended its trading plan to sell part of its shareholding in NatWest Group, formerly known as the Royal Bank of Scotland Group, for another 12 months.

The current trading plan started in August 2021 and was expected to be completely finished later this summer, but has been extended until August 2023.

In a statement, the Government said it will only dispose of its remaining 48.5% shareholding in NatWest "when it represents value for money to do so and market conditions allow."

So far, approximately 704m shares have been sold through the trading plan, raising approximately £1.6bn (€1.8bn) for the British taxpayer.

“This represents continued progress in meeting the government’s aim to return its shareholding in NatWest Group to private ownership,” the British government said.

Shares in the lender, which was rescued from collapse by a £45bn (€52bn) bailout in the 2007/8 financial crisis, have fallen 2% so far this year.

The banking Group’s Irish arm Ulster Bank announced it would be exiting the Republic of Ireland retail banking market next year.

Additional reporting by Reuters