Britain cuts stake in NatWest via £1.24 billion share sale

The British government has sold £1.24 billion ($1.58 billion) worth of shares in NatWest Group back to the lender, reducing its stake to about 22.5% from nearly 26%. This sale is part of the bank’s full privatization and follows an off-market purchase of 392.4 million shares at 316.2 pence per share. NatWest shares were up 0.8% at 318.7 pence in early trading, marking a 45% gain this year. The government’s stake in NatWest was previously as high as 84% but has been gradually reduced to below 30% through stock sales. The settlement for the recent purchase is scheduled for June 4.