The British government will sell up to 15% of NatWest through a stock sale, Reuters

© Reuters. File photo: On September 21, 2017, a man walked past the ATM of the NatWest Bank branch in Manchester, England. REUTERS/Phil Noble

LONDON (Reuters)-The British government said on Thursday that it plans to sell up to 15% of NatWest’s shares within 12 months.

The Ministry of Finance stated that it has instructed Morgan Stanley (NYSE:) on its behalf to sell NatWest stock, plans to start on August 12 and continue until August 11, 2022. It said it plans to sell 15% of the total trading volume of NatWest shares at or above the price per share. The government determines the share of “providing taxpayers with value for money”.

During the 2008 financial crisis, after the British government rescued the bank called Royal Bank of Scotland (NYSE:), it currently owns approximately 54.7% of NatWest.

After the government sold 1.1 billion pounds (1.51 billion U.S. dollars) of NatWest shares through a one-time stock offering in May, the details of the stock offering were released.

(1 USD = 0.7285 GBP)

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