U.K. Government Cuts Its NatWest Shareholding to 34.96%
By Elena Vardon
The U.K. government has reduced its stakeholding in British lender NatWest to 34.96% from 35.94%, regulatory filings showed on Monday.
The country's Treasury disposal was completed on Feb. 2, according to the filings. It now holds 12.27 billion shares, worth 27.10 billion pounds ($34.23 billion) based on Friday's closing price of 220.90 pence.
The U.K.'s stake in the bank resulted from the government's 2008 bailout of Royal Bank of Scotland, which bought NatWest in 2000 and rebranded the enlarged company as NatWest Group in 2020. The government spent 45.5 billion pounds ($57.48 billion) of taxpayer money on the bailout and at one point owned 84% of the bank.
The Chancellor is exploring options for a retail offer over the new year to sell down its stake further.
NatWest shares--which have shed 28% over the past 12 months--trade 0.7% lower at 219.3 pence at 0953 GMT, while the FTSE100 edges up 0.10%.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
February 05, 2024 05:21 ET (10:21 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Markets Brief: AI Leaders Excel in Earnings Season
-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth