NatWest Group Plc — formerly called Royal Bank of Scotland — said on Monday it bought back another £1 billion of its shares from the UK government as the Treasury continued to sell down its stake in the firm.

The off-market purchase of 262.6 million shares brought the Treasury’s voting rights in NatWest to about 11.4%, as NatWest-RBS continues its exit from state ownership following its emergency bailout in the 2008 financial crisis.

“NatWest Group plc has agreed with HM Treasury to make an off-market purchase of 262,605,042 ordinary shares in the company at a price of 380.8 pence per ordinary share, being the closing price of the ordinary shares on the London Stock Exchange on 8 November 2024,” said the bank.

NatWest Group CEO Paul Thwaite said: “As a result of NatWest Group’s continued strong performance, we are pleased to have today completed our second buy back of government shares of 2024, further reducing HM Treasury’s shareholding.

“This transaction represents another important milestone on the path to full privatisation. We believe it is a positive use of capital for the bank and for our shareholders and we are pleased with the sustained momentum in reducing HM Treasury’s stake in NatWest Group throughout this year.”

The purchase represents 3.16% of the company’s issued ordinary share capital. The company intends to cancel all of the purchased shares.

UKGI, which manages the UK government’s stake in the bank, said: “The sale of shares by HM Treasury under the trading plan announced on 22 July 2021 and most recently extended on 3 April 2023 has not been paused in connection with the Off-Market Purchase.

“UKGI and HM Treasury will keep further disposal options under consideration when market conditions permit and it is value for money to do so.”