LONDON (Reuters) – Britain’s government on Thursday launched a plan to sell down shares in Natwest over a 12 month window.
The finance ministry said it had instructed Morgan Stanley (NYSE:) to sell Natwest shares on its behalf in a plan starting from August 12 and running until August 11, 2022. It said it planned to sell up to 15% of the total volume of Natwest shares that have been traded over the duration of the plan at or above a price per share that the government determines “delivers value for money for the taxpayer”.
The British state currently owns around 54.7% of Natwest after bailing out the lender, then known as Royal Bank of Scotland (NYSE:), during the financial crisis in 2008.
Details of the share sale come after the government sold 1.1 billion pounds ($1.51 billion) worth of Natwest shares through a one-off stock offering in May.
($1 = 0.7285 pounds)
(This story was corrected to clarify size of share sale, govt plans to sell up to 15% of the traded volume of shares)
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