The British government is no longer a majority shareholder in NatWest Group for the first time in 14 years after it sold £1.2 billion worth of shares, cutting its stake to less than 50 per cent.
NatWest bought a chunk of the UK government’s shares for 220.5 pence each, taking state ownership to 48.1 per cent from 50.6 per cent and returning the lender to majority private control for the first time since it was bailed out by taxpayers at the height of the global financial crisis.
This is the government’s fifth sale of its NatWest shareholding and a milestone in the government’s plan to return the institutions brought into public ownership as a result of the 2007-2008 financial crisis to private ownership.
“This sale means that the government is no longer the majority owner of NatWest Group and [it] is therefore an important landmark in our plan to return the bank to the private sector,” said John Glen, economic secretary to the Treasury.
“We will continue to prioritise delivering value for money for the taxpayer as we take forward this plan.”
Formerly known as Royal Bank of Scotland, NatWest Group, once one of the world’s largest banks, was bailed out by the government to the tune of £45bn in 2008.
The initial investment, which led to the government owning 57 per cent of the bank, was extended a couple of times – peaking at 84 per cent in 2009.
NatWest boss Alison Rose called the share buyback “an important milestone” for the bank “and a further demonstration of the progress we are making as we continue to deliver for our customers and shareholders”.
The Treasury has been selling off its NatWest stake since 2008, with the sale of the latest chunk of shares given approval on Friday.
However, the process will continue for some time, already taking longer than sell-off of Lloyds Bank. The government owned 43 per cent of Lloyds Bank after the financial crisis before the deal was unwound in 2017.
NatWest Group’s main banking brands include NatWest, private bank Coutts and RBS. It was renamed two years ago after more than 40 years under the RBS Group name.
NatWest returned to profit last year, posting an operating pre-tax profit of £4bn after recovering from a loss of £481 million in 2020 as the wider economy rebounded.
The UK’s biggest corporate lender said mortgage demand and customer deposits were growing, with its more buoyant figures coming after it returned £1.3bn to its balance sheet from the £3.2bn it set aside in the early stage of the pandemic to cushion against bad loans.
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UAE currency: the story behind the money in your pockets
SPECS
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Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
The%20specs
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COMPANY%20PROFILE
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The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.