(Sharecast News) - The UK government has extended plans to sell down its stake in NatWest Group.
UK Government Investments (UKGI), which manages the government's 41.5% shareholding in the lender, first announced plans to start slowing selling down its stake in July 2021.
It was extended last summer until 11 August 2023, and it will now be extended once again, to 11 August 2025.
No reason was given for the extension.
Under the trading plan, which is being managed by Morgan Stanley and involves drip feeding stock sales in the market, the Treasury will look to sell up to 15% of its stake over the next two years.
No minimum price has been set, although UKGI said shares may not be sold below a price that it and the Treasury believe represents "fair value and delivers value for money".
The taxpayer took a 58% stake in NatWest - than called Royal Bank of Scotland - in a £45bn bailout in November 2008, as the government looked to shore up the banking sector amid the global financial crisis.
So far it has raised £3.7bn under the trading plan.
Natwest (NWG)