UK govt offloads NatWest shares at a loss to taxpayer
The British government has reduced its stake in NatWest Bank at a hefty loss to the taxpayer.
Banks
3,803.92
17:14 28/03/24
0.51%
19.35
FTSE 100
7,952.62
17:14 28/03/24
n/a
n/a
FTSE 350
4,383.21
17:14 28/03/24
n/a
n/a
FTSE All-Share
4,338.05
16:50 28/03/24
n/a
n/a
NATWEST GROUP
265.50p
17:05 28/03/24
1.03%
2.70p
UK Government Investments, the state-owned company that controls the shares, offloaded 580m, or 5% of the bank's stock, at 190p each raising £1.1bn - a far cry from the 500p paid in 2008 to keep the struggling lender afloat during the financial crisis caused by industry malpractice and a 4% discount on Monday's closing price.
The UK taxpayer still holds just under 55% of the bank - formerly known as Royal Bank of Scotland Group.