09:34 AM EDT, 07/26/2024 (MT Newswires) -- NatWest Group ( NWG ) is likely to see a significant portion of the UK government's 5.6 billion pound ($7.21 billion) stake sold to institutional investors, as Chancellor of the Exchequer Rachel Reeves favors selling the stake to institutional shareholders over a public offering, Bloomberg reported Friday, citing people familiar with the matter.

The move would complement the ongoing gradual reduction of the government's shareholding through open-market sales, the people reportedly told Bloomberg.

NatWest ( NWG ) and the UK Treasury did not immediately respond to MT Newswires' requests for comment.

NatWest ( NWG ) shares were more than 5% higher in early US trading on Friday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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