The UK government announced on Monday its intention to sell another 5% of the shares the UK taxpayer still owns in NatWest Group plc, formerly known as RBS.

UK Government Investments Limited (UKGI) said: “The placing is expected to comprise of approximately 580 million shares, representing approximately 5% of the issued ordinary share capital of the company.

“As a result of the placing, the overall size of HM Treasury’s shareholding in the company is expected to be reduced from approximately 59.8% to approximately 54.8% of the issued ordinary share capital.”

Bloomberg reported that the offering is valued at about £1.14 billion.

Barclays Bank, Citigroup Global Markets, Goldman Sachs International and Morgan Stanley & Co. International plc have been appointed to act as joint bookrunners for the placing.

N.M. Rothschild & Sons Limited is acting as Capital Markets Adviser to UKGI on the placing.

Freshfields Bruckhaus Deringer LLP is acting as legal counsel to UKGI in respect of English and US law.