This marks a significant milestone in the bank’s journey back to full private ownership, more than 16 years after its taxpayer-funded bailout during the 2008 financial crisis.

The government’s share in NatWest, once peaking at 84% (then Royal Bank of Scotland), has been steadily reduced, with accelerated sales by the Treasury in recent months. It is now understood that investment group BlackRock holds a larger stake, at 6.4%. NatWest anticipates a complete return to private ownership by mid-2025.

Chief executive Paul Thwaite previously described the move as “symbolic”, saying “it means we can talk about the future of the bank, the potential of the bank rather than having to talk about its past”.