The UK government has offloaded another £420m worth of shares in NatWest Group, as its continues to sell down its stake in the majority state-owned bank.
According to a regulatory release on Friday, HM Treasury now owns 51.98% of the banking group’s voting rights, down from 52.96% at its last disclosure.
Bloomberg said that meant the Treasury sold 170.4 million shares since November, which would be worth about £420m at current share prices.
In July, the government announced it would sell up to 15% of the bank in open market trading.
The Treasury is taking a big loss on its £45.5bn bailout of the then-Royal Bank of Scotland Group in 2008, with government bankers previously saying the breakeven price would be about 400p.
At 1119 GMT, shares in Natwest Group were up 0.68% in London, at 249.9p.
