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Finance

UK government kicks off sale of 5% stake in NatWest

1 minute read

People maintain social distance while they queue outside a Natwest bank as the spread of the coronavirus disease (COVID-19) continues, in London, Britain, March 26, 2020. REUTERS/Hannah McKay/File Photo

LONDON, May 10 (Reuters) - The British government kicked off the sale of a further stake in taxpayer-backed NatWest Group (NWG.L), announcing on Monday it plans to sell a 5% stake in the lender.

The Treasury said it plans to sell around 580 million shares in an accelerated bookbuilding process, reducing the government's stake in the lender to 54.8%.

Reporting by Iain Withers; Editing by Susan Fenton

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