UK Government Completes Full Exit from NatWest Group, Ending Nearly 17 Years of State Ownership

The United Kingdom government sold its remaining stake in NatWest Group on 30 May 2025, completing a disposal programme that began in 2015 and returning the bank to full private ownership for the first time since the financial crisis. HM Treasury confirmed the final share sale through the trading plan, bringing to a close a period of state involvement that lasted nearly 17 years.

The government's rescue of NatWest's predecessor, Royal Bank of Scotland, during the financial crisis of 2008 and 2009 required £45.5 billion of public support. The trading plan, used from 2021 onwards, generated more than £13.2 billion of sale proceeds; in total £35 billion has been returned to the Exchequer through share sales, dividends and fees, around £10.5 billion less than the original support.

FROM CRISIS RESCUE TO FULL PRIVATE OWNERSHIP

At the height of state intervention following the financial crisis, the government held more than 80% of the bank. The process of reducing that holding unfolded across more than a decade. Successive administrations explored a variety of disposal mechanisms, including institutional book-builds, a retail share offering, and the trading plan.

NATWEST RESPONSE

NatWest chief executive Paul Thwaite called it "a significant moment for NatWest Group", adding that the bank could now "look to the future with confidence, without forgetting the lessons of the past".