NatWest has stated that it “welcomes” the government’s commitment to bringing the bank back to full private control.
Declared by the previous Conservative administration, Rachel Reeves claimed the plans were a “bad use of taxpayer money” and proposed that the remaining state-owned stock in the bank be sold to large, institutional investors instead.
In order to stimulate demand, officials had been preparing for a mass-market sale this summer. Shares would be made available to regular investors at a price lower than the bank’s going rate, along with offers of “bonus” shares.
But the rollout, which was supposed to be supported by a similar “Tell Sid” campaign to the one that went along with the share sales.
The bank, originally known as Royal Bank of Scotland, was bailed out with a total of £46 billion in public funds in 2008 and 2009 during the financial crisis, and at one point the taxpayer controlled 84% of the firm.
Since then, the Treasury has been selling off its shares in the lender; in recent weeks, the state’s share has fallen to less than 20%.
