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Government exit would end ‘sorry tale’ for Britain and bank,
By Jerry
LONDON, April 23 (Reuters) – Britain’s plans to sell its remaining stake in NatWest (NWG.L), opens new tab would end a “sorry tale” for both the country and the lender, and boost those who feel state support has held back NatWest in recent years, its Chair Rick Haythornthwaite said on Tuesday.
“I think there’s a perception there is more intervention from His Majesty’s Treasury than there actually is. I think removing that overhang is of value,” Haythornthwaite told NatWest’s annual shareholder meeting.
“It also brings to an end what is a sorry tale for the UK and a sorry tale for the bank,” he added.
British Finance Minister Jeremy Hunt has committed to return taxpayer-backed NatWest to full private ownership by the end of 2026, and has outlined plans to sell discounted shares to the general public to achieve that objective.
“This is a moment when we can think about constructing the future,” Haythornthwaite told shareholders, in his first meeting as chair after succeeding Howard Davies earlier this year.
Source: REUTER
