NatWest 'grateful' to UK taxpayers as Government prepares to offload stake

The chairman of NatWest said it has “fixed the issues of the past” and thanked UK taxpayers for their “intervention and support” as the bank nears a return to private ownership, 16 years after being bailed out by the Government.

Rick Haythornthwaite, speaking at the annual general meeting (AGM), said it would be a symbolic moment when the Government no longer has shares in the bank.

Mr Haythornthwaite said: “For the first time since 2008, the Government is no longer the biggest shareholder in the bank, and we are on the verge of a return to full private ownership.

“This will be a symbolic moment, marking a new, forward-looking chapter in our story.

“We remain incredibly grateful to the Government, and to UK taxpayers, for their intervention and support, which protected millions of savers, homeowners and businesses at a time of global crisis.”

He added that the Government had been a “positive and patient shareholder” through the years and that the bank had “fixed the issues of the past”.

“After almost two decades of recovery for our banks, and for our country and economy more widely, growth is rightly at the top of the national agenda” the chairman said.

“And, despite ongoing geopolitical uncertainty, competition and innovation are in focus once more.

“It is clear that the rhetoric is changing and we must keep up the momentum in order to create a secure, competitive environment that promotes growth, all in the service of the customer.”

The AGM, held at NatWest’s head office in Edinburgh, comes as the Government’s shareholding in the bank has dropped below 3%, and is expected to hit zero by the middle of the year.

At the end of 2023, the shareholding was at 40%, but the Treasury has been accelerating efforts to offload its stake by selling shares to retail investors and into the public market.

NatWest received multibillion-pound bailouts funded by taxpayers during the financial crisis in 2008 and 2009, helping stabilise the country’s banking sector.