The UK government is no longer considered a controlling shareholder in NatWest Group —  formerly called RBS — as it continues to sell down its shares in the Edinburgh-registered company that the UK taxpayer bailed out during the financial crisis.

The government’s stake has fallen to 29.82% after it recently recently disposed of more shares, according to a stock exchange statement on Monday.

Falling below the 30% level — under UK listing rules — means an investor is no longer considered a controlling shareholder.

A NatWest Group spokesperson said: “We welcome the government’s continued commitment to returning NatWest Group to private ownership.

“With the government shareholding now below 30%, we have been pleased with the recent momentum to achieving this shared ambition, which we believe is in the best interests of the bank and our shareholders.”

The UK Treasury said in a statement.”This milestone represents clear progress on the government’s commitment to return NatWest to full private ownership, an objective that it intends to achieve by 2025-26, subject to supportive market conditions and achieving value for money.”