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(Alliance News) - UK Chancellor Jeremy Hunt on Wednesday announced he is mulling a NatWest Group PLC retail share offer over the next year, as the government looks to trim more of its stake in the lender.
NatWest shares traded 0.7% lower at 205.50 pence each in London on Wednesday afternoon. The stock traded around session lows, having been 0.9% higher earlier on Wednesday.
Hunt said the UK government is "exploring" a possible retail share offer for NatWest over the next 12 months, though this would be subject to market conditions and "value for money". The plan was announced during the chancellor's autumn statement on Wednesday.
As of May, the UK government has held just shy of a 38.7% stake in NatWest. In March 2022, when the Treasury sold back NatWest shares to the company, its stake in the lender fell below the 50% threshold for the first time since 2008.
The UK government first began building its majority stake in the bank from October 2008 during the financial crisis as it looked to inject funds into the banking system. As a result, the government ended up holding an 81% stake in the lender - called Royal Bank of Scotland Group PLC at the time - after a hefty GBP45.5 billion taxpayer bailout.
By Eric Cunha, Alliance News news editor
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