UK’s Labour Pledges to Review Plans to Sell Stake in NatWest

(Bloomberg) -- The Labour Party pledged to review plans to cut the UK government’s stake in NatWest Group Plc if it wins the upcoming general election.

Most Read from Bloomberg

• Israeli Airstrike and Egyptian Guard’s Death Ratchet Up Tensions

• Wall Street Moves to Fastest Settlement of Trades in a Century

• Catering to the Ultra-Rich Is a Booming Business in Australia

• For Private Credit's Top Talent, $1 Million a Year Is Not Enough

• Musk’s xAI Raises $6 Billion in Bid to Challenge OpenAI

Efforts to sell shares in NatWest to the public have been put on hold after Prime Minister Rishi Sunak unexpectedly called the elections for July 4, Bloomberg News reported last week.

“Labour will review the details if we form the next government after the general election,” a party spokesperson said. “Any decisions we take will be about ensuring value for money for the taxpayer and investors.”

The Treasury remains NatWest’s biggest shareholder after its £46 billion ($59 billion) bailout of what was then Royal Bank of Scotland during the financial crisis, though it’s no longer considered a controlling shareholder after its ownership of the bank dropped below 30% in March.

UK Government Investments, the Treasury-owned company that holds the stake in NatWest, had previously said it could be ready to proceed with the retail offering as early as June. The government has already hired advisers including Goldman Sachs Group Inc. and Barclays Plc for the work.

Most Read from Bloomberg Businessweek

• The Dodgers Mogul and the Indian Infrastructure Giant That Wasn’t

• The Six Choke Points That Can Upend Global Trade

• When Business Is Just a Game

• A Hidden Variable in the Presidential Race: Fears of ‘Trump Forever’

• How the $17 Desk Salad Won

©2024 Bloomberg L.P.