The British government has reduced its stake in NatWest Bank at a hefty loss to the taxpayer.
UK Government Investments, the state-owned company that controls the shares, offloaded 580m, or 5% of the bank’s stock, at 190p each raising £1.1bn – a far cry from the 500p paid in 2008 to keep the struggling lender afloat during the financial crisis caused by industry malpractice and a 4% discount on Monday’s closing price.
The UK taxpayer still holds just under 55% of the bank – formerly known as Royal Bank of Scotland Group.
