The ‘Tell Sid’ NatWest share sell-off could happen this summer
Ministers could launch a multi-billion pound stake sale in NatWest as early as June.
It means the retail offering, open to ordinary investors – reminiscent of the ‘Tell Sid’ privatizations of the 1980s – could happen before the general election in the autumn.
NatWest remains 36 percent publicly owned after being bailed out during the financial crisis.
The Ministry of Finance has gradually sold its stake. Chancellor Jeremy Hunt first announced in November that the government would “explore options” for a private equity bid.
It is part of a plan to completely divest the stake in 2025/2026. At the same time, the share sale aims to revive public interest in investing.
Sell-off: June seen as a likely summer date, after the bank’s first quarter results in April and before July’s half-year results
The Sunday Times reported that the government has awarded a contract to a market research company to gauge public views, while also issuing tenders to PR firms and advertising agencies to work on the launch of the share sale.
It said shares in NatWest, which is still looking for a new permanent CEO, are expected to be priced at a discount to boost their public appeal.
June is seen as a likely summer date, after the bank’s first quarter results in April and before half-year results in July.
A government spokesman said the share sale was “subject to market conditions and should provide value for money” and that further details would be revealed “at the appropriate time”.