NatWest Group (NWG) said Monday it has agreed to buy back 1 billion British pounds ($1.29 billion) worth of ordinary shares from the UK government.
The bank said it has agreed with HM Treasury to make an off-market purchase of 262.6 million shares at 380.8 pence per share.
NatWest said the purchase is expected to settle Wednesday, adding that it plans to cancel all of the purchased shares.
NatWest Chief Executive Paul Thwaite said the purchase is the bank's second buyback of government shares this year, further lowering HM Treasury's stake.
Shares of NatWest were up 3.1% in recent Monday trading.
Price: 10.29, Change: +0.31, Percent Change: +3.06
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