The Treasury’s sale of the shares comes after the new Labour government decided it will no longer go forward with plans for a public offering of the government’s remaining stake to retail investors.

Now the government plans for a complete exit over the coming year. Chancellor Rachel Reeves claims this would provide more value for money than a retail offering.

A NatWest spokesperson said: “We welcome the chancellor’s commitment last month to returning NatWest Group to full private ownership.

“This is a shared ambition that we believe is in the best interests of both the bank and all our shareholders.”