NatWest Group, the bank formerly known as RBS, confirmed on Friday that it has returned to full private ownership, with the UK Treasury no longer holding any shares in the business.
The UK taxpayer bailed out RBS in a £45 billion rescue deal during the last financial crisis in 2008-2009.
UK Government Investments Limited said the UK Treasury has received a total of £35 billion from its shareholding in the company.
“Following two separate recapitalistations in 2008 and 2009, HMT’s economic ownership of the group totalled 84.4%, a shareholding that has reduced during the intervening years through a number of Accelerated Book Builds, Directed Buy Backs and a government-led trading plan,” said NatWest.
NatWest Group Chair Rick Haythornthwaite said: “As NatWest Group returns to full private ownership for the first time since 2008, we remain deeply grateful to the government – and to UK taxpayers – for their intervention and support.
“At a time of global crisis, this intervention stabilised our banking system and, by extension, our economy; protecting millions of savers, homeowners and businesses.
“Banks in the UK have changed beyond recognition since 2008. So too the regulatory environment and culture across the City. Critically, the pace of technological advances has fundamentally altered how people live and work, including how they choose to access financial services and manage their money.
“We are at an inflexion point not just for our bank, but for the wider economy. Growth is once again at the top of the national agenda and the financial services sector has an important role to play, driving investment and job creation throughout the country – all in the service of our customers.”
NatWest Group CEO Paul Thwaite said: “This is a significant moment for NatWest Group, for all those who work here and for the UK more widely. As we turn the page on the financial crisis, we can look to the future with confidence, without forgetting the lessons of the past.
“I am proud to have been part of the team that has helped build a simpler, safer, more customer-focussed bank. It is thanks to the incredible loyalty of our customers and colleagues, along with the support of our shareholders – including the UK taxpayer – that this change has been possible.
“Today we have a strategy that is working, positive momentum in our business and a clear ambition to succeed with our customers.
“This is a sector that matters; strong economies need strong banks, and vice versa. At a time when there is a clear intent to deliver growth, NatWest is ready to step up to the challenge, shaping our future as a vital and trusted partner to our customers and to the UK itself.”
UK Government Investments Limited said in a statement: “UKGI announces the completion of the disposal of His Majesty’s Treasury’s entire shareholding in NatWest Group plc.
“The disposal of the remaining shares was effected by way of the trading plan announced on 22 July 2021 and most recently extended on 3 April 2023. As a result, HM Treasury is no longer a shareholder in the company and the Trading Plan has ended.
“In total, HM Treasury has raised £24.8bn in proceeds from sales of its shares in the Company, £13.2bn of which were raised through the Trading Plan, £5.7bn through three placings to institutional investors and £5.8bn through five directed buybacks by the Company.
“Accounting for these sale proceeds, together with dividends and other fees, HM Treasury received a total of £35.0bn from its shareholding in the Company.”