The Treasury Department has sold another share of Natwest shares, increasing taxpayer stake in High Street Bank to below 1%.
According to a statement from the stock market, the government has placed its shares on the lender at 0.90% from 1.98% of the stock sale.
The UK is expected to sell its shares in the bank this year.
In September, Reeves canceled plans for the former Conservative government to sell state-owned shares to the public in a high-profile TV campaign, which featured former news reader Sir Trevor McDonald.
Reeves said the discounted public sale will “not represent value.”
Last year, the Ministry of Finance’s share sales in banks reached two milestones.
In March, the equity was below 30%, meaning the government is no longer classified as a “controlling shareholder”
In July, the stake dropped below 20%, meaning the state will no longer be considered a “affiliated party” by next year, requiring additional transparency around its relationship with the bank.
The sale means that the government has now recovered more than £20 billion of shares from stocks since the state sold during the peak of the financial crisis in 2008.
Taxpayers took 84% of the shares in the business after raising £45.5 billion from lenders.
