London – The British government sold its remaining shares in Natwest Bank, which rescued during the financial crisis of 2008, at a cost of taxpayers of 10.5 billion pounds ($ 14.1 billion), said the treasure on Friday.
Royal Bank of Scotland, as it was known then, was on the verge of collapse after years of rapid expansion that saw him become one of the largest banks in the world with more than 40 million customers and operations in more than 50 countries.
“Almost two decades ago, the then government intervened to protect millions of savers and businesses from the consequences of collapse,” said Foreign Minister Rachel Reeves in a statement. “That was the right decision to ensure Natwest’s economy and return to private property turns the page into a significant chapter in the history of this country.”
As part of a series of bailouts, the Labor Government at that time took a majority participation in the bank, since it valed at 45.5 billion pounds to keep it afloat.
The government recovered 35 billion through sales of shares, dividends and fees, said the treasure.
With the sales of the remaining actions, the government said it was no longer in the bank business that had been assumed during the crisis.
Natwest thanked taxpayers for their rescue.
