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NatWest's tumultuous journey post-bailout saw leadership changes and significant financial losses, culminating in a near-£10 billion loss for taxpayers. Despite efforts to re-privatize and refocus on the UK market, public anger and operational challenges persisted, leading to the eventual ousting of CEO Alison Rose in 2023. The government’s gradual sell-down of shares began in 2015, but the long-term impact of the financial crisis remains evident.
NatWest's chair, Rick Haythornthwaite, expressed gratitude to UK taxpayers for the £46bn bailout during the 2008 financial crisis, emphasizing the bank's transformation into a safer, customer-focused institution. As it prepares for a return to private ownership, he assured shareholders that there are no plans for risky expansions despite government pressure for growth. Shareholders overwhelmingly approved a new executive pay policy, raising the CEO's potential earnings while maintaining a cautious approach to risk.
The taxpayer's stake in NatWest, formerly known as Royal Bank of Scotland, has dipped below 4%, now standing at 3.95% after a recent share sale. This marks a significant reduction from the 84% stake acquired during the 2008 bailout, as the bank moves closer to full privatization. Investment group BlackRock has taken over as the largest shareholder, while plans for a public sale of remaining shares were abandoned following the last general election.
Alistair Darling
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