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British government is out of the banking business with sales of remaining shares in NatWest
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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.