This follows a share buyback in May and ongoing government sales, reducing the stake from 37.98% in December to 19.97% today.

The government ceased to be a ‘controlling shareholder’ in March when ownership fell below 30%. While the bank has permission to buy back up to 15% of shares annually, any further transactions require government approval.

NatWest Group CEO Paul Thwaite said: “We are pleased with the continued momentum in the reduction of HM Treasury’s stake in the bank. The holding has almost halved throughout the course of 2024, moving below 20% today.

“Returning NatWest Group to full private ownership remains a key ambition and we believe it is in the best interests of both the bank and all our shareholders.”

Under the new listing rules, ownership falling below 20% means that HM Treasury will cease to be considered a ‘related party’ to the bank one year from today.