The UK Government has sold its remaining shares in NatWest Group, ending public ownership that began when it stepped in to protect savers and businesses during the financial crisis.
Over 2008 and 2009, the UK Government provided £45.5 billion to stabilise RBS, which is now NatWest. At the time it was one of the largest banks in the world, with more than 40 million customers and operations in more than 50 countries.
Chancellor of the Exchequer, Rachel Reeves, said:
“Nearly two decades ago, the then Government stepped in to protect millions of savers and businesses from the consequences of the collapse of RBS. That was the right decision then to secure the economy and NatWest’s return to private ownership turns the page on a significant chapter in this country’s history.”
Economic Secretary to the Treasury, Emma Reynolds said:
“Bringing NatWest fully back into private ownership marks a significant milestone for the UK banking sector following the financial crisis.”
To date, £35 billion has been returned to the Exchequer through share sales, dividends and fees. While this is around £10.5 billion less than the original support, the alternative would have been a collapse with far greater economic costs and social consequences, the UK Government said.
The UK Government has now exited all banking sector interventions made during the financial crisis.
