NatWest Group has officially returned to full private ownership for the first time since the financial crisis, after HM Treasury sold its remaining shares in the banking group.
The move ends 16 years of partial state ownership, which began during the 2008–2009 financial crisis when the UK government injected capital into the then Royal Bank of Scotland (RBS) to prevent its collapse. At its peak, the government held an 84.4% stake in the institution.
Over the years, that shareholding was gradually reduced through a series of structured share sales, including accelerated book builds, directed buy-backs, and a trading plan managed by the government. The final divestment marks the conclusion of one of the UK’s largest-ever financial rescue operations.
NatWest Group Chairman Sir Howard Davies described the moment as an “inflexion point” not just for the bank, but for the wider economy, signalling confidence in the sector’s stability and resilience.
RBS rebranded as NatWest Group in 2020, aligning the group’s identity more closely with its core consumer banking brand. The return to full private ownership is seen as a symbolic milestone in the bank’s post-crisis transformation.
