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LONDON (AP) — The British government sold its remaining shares
in NatWest bank, which it bailed out during the 2008 financial
crisis, at a taxpayer cost of 10.5 billion pounds ($14.1
billion), the Treasury said Friday.
Royal Bank of Scotland — as it was known then — was on the edge
of collapse following years of rapid expansion that saw it
become one of the world’s biggest banks with over 40 million
customers and operations in more than 50 countries.
“Nearly two decades ago, the then-government stepped in to
protect millions of savers and businesses from the consequences
of the collapse," Chancellor Rachel Reeves said in a statement.
“That was the right decision then to secure the economy and
NatWest’s return to private ownership turns the page on a
significant chapter in this country’s history.”
As part of a series of bailouts, the Labour government at the
time took a majority stake in the bank as it poured in 45.5
billion pounds to keep it afloat.
The government recovered 35 billion through sales of shares,
dividends and fees, the treasury said.
With the sales of the remaining shares, the government said it
was no longer in the banking business it had taken on during the
crisis.
NatWest thanked taxpayers for its rescue.
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