10:23 AM EST, 11/11/2024 (MT Newswires) -- 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 ( NWG ) said the purchase is expected to settle Wednesday, adding that it plans to cancel all of the purchased shares.

NatWest ( NWG ) 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 ( NWG ) were up 3.1% in recent Monday trading.

Price: 10.29, Change: +0.31, Percent Change: +3.06