NatWest buys back 1 billion pounds of its shares, accelerating full privatisation

LONDON (Reuters) – NatWest has bought back 1 billion pounds ($1.29 billion) worth of its own shares from Britain’s government, the bank said on Monday, as it continues its exit from state ownership following its bailout in the 2008 financial crisis.

UKGI, which manages the government’s stake in the bank, said as a result of the transaction the government’s ownership would fall from around 14% of the company to around 11%.

($1 = 0.7739 pounds)

(Reporting By Lawrence White; Editing by Jan Harvey)