The Treasury’s stake, now at 2.99%, has been reduced through an ongoing trading programme involving regular share sales. This represents a substantial decrease from nearly 40% held in December 2023, achieved via the trading plan and previous directed share buybacks.

NatWest welcomed the progress, stating the ambition for full private ownership aligns with the government’s and serves shareholders’ interests. This development follows the bank reporting better-than-expected operating pre-tax profits of £6.2 billion for 2024, driven partly by lending growth.

Chief executive Paul Thwaite anticipates privatisation will mark a “new, forward-looking chapter” for NatWest as it continues to focus on simplification and technology. With the bank’s shares performing strongly over the past year, analysts suggest a complete return to private ownership could potentially occur in 2025.