A £1.1 billion sale of part of the government’s shareholding in NatWest Group plc (formerly the Royal Bank of Scotland Group plc) has been announced today.

The Chancellor has authorised the sale of 580 million shares in NatWest at 190p per share raising a total of £1.1 billion. The process was managed by UK Government Investments.

This is the government’s fourth sale of its NatWest shareholding, and its second transaction in two months, bringing its level of ownership down from 59.8% to 54.8%. This sale represents further progress in the government’s plan to return institutions brought into public ownership as a result of the 2007-2008 financial crisis to private ownership.

The sale was completed by way of an overnight sale via an accelerated bookbuild, a competitive market facing process that involves selling shares to institutional investors.

The government continues to keep all options and timings under review for future sales.