The UK government is inviting proposals from City of London institutions for a possible public sale of NatWest Group PLC (LSE: NWG) shares, potentially marking the most notable privatisation in London this year.
According to The Times, the government could initiate a public offering of the major high street bank’s shares, potentially worth billions, as early as June. This move is reminiscent of Margaret Thatcher’s famous privatisation campaigns, timed strategically before the upcoming general election.
Bloomberg has reported that advisory firms must submit their proposals by the end of February. The Treasury aims to align the announcement of the share sale with its budget presentation on March 6, as per sources familiar with the situation.
In November, Chancellor Jeremy Hunt announced the possibility of a retail sale within the next 12 months, contingent on market conditions and ensuring value for money.
As of January 19, the government remains the largest shareholder in NatWest, with a stake of nearly 36%, as per recent filings.
Bim Afolami, the Economic Secretary to the Treasury, mentioned to Bloomberg last week that the chances of a retail offering for the bank’s shares are promising.
