British government is out of the banking business with sales of remaining shares in NatWest
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LONDON (AP) — The British government sold its remaining shares in NatWest bank, which it bailed out during the 2008 financial crisis, at a taxpayer cost of 10.5 billion pounds ($14.1 billion), the Treasury said Friday.
Royal Bank of Scotland — as it was known then — was on the edge of collapse following years of rapid expansion that saw it become one of the world’s biggest banks with over 40 million customers and operations in more than 50 countries.
“Nearly two decades ago, the then-government stepped in to protect millions of savers and businesses from the consequences of the collapse,” Chancellor Rachel Reeves said in a statement. “That was the right decision then to secure the economy and NatWest’s return to private ownership turns the page on a significant chapter in this country’s history.”
As part of a series of bailouts, the Labour government at the time took a majority stake in the bank as it poured in 45.5 billion pounds to keep it afloat.
The government recovered 35 billion through sales of shares, dividends and fees, the treasury said.
With the sales of the remaining shares, the government said it was no longer in the banking business it had taken on during the crisis.
NatWest thanked taxpayers for its rescue.