Alison Rose

The banking giant has agreed with the Treasury to make an off-market purchase of 549,851,147 ordinary shares in the company with a nominal value of £1 each at a price of 220.5 pence per Ordinary Share.

This buyback reduces government ownership in the bank to 48.06%.

Alison Rose, CEO of NatWest Group, said she believed this transaction to be a “good use of capital” for the bank and its shareholders.

She said: “Reducing government ownership below 50% is an important milestone for NatWest Group and a further demonstration of the progress we are making as we continue to deliver for our customers and shareholders.

“We are proud of the role we play in supporting our 19 million customers throughout the UK, including one in four businesses. By delivering on our strategic priorities, and by forging closer and deeper relationships with our customers at every stage of their lives, we will help them to grow and to thrive. Because if they thrive, and if the UK economy thrives, so will we.”