Ulster bank parent returns to majority private control

The British government's stake in Ulster Bank parent NatWest Group has fallen to below 50 per cent, returning the lender to majority private control for the first time since it was bailed out by taxpayers at the height of the global financial crisis over a decade ago.

Formerly known as Royal Bank of Scotland, NatWest Group has bought 549,851,147 shares from the UK government, resulting in the government's voting rights falling to 48.1 per cent, the bank said in a statement.

The finance ministry said it authorised the sale of its shares at Friday’s closing price of 220.5 pence per share.

The fifth transaction to reduce public ownership of NatWest, it raised £1.2 billion (€1.4 bn) for the government, the ministry said.

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Britain’s finance ministry said last year it had instructed Morgan Stanley to sell NatWest shares on its behalf in a scheme starting in August.

"We will continue to prioritise delivering value for money for the taxpayer as we take forward this plan," said John Glen, economic secretary to the treasury.

Britain spent £45 billion bailing out the lender, once one of the world’s largest, in 2008. – Reuters