<SEC-DOCUMENT>0000950103-22-001782.txt : 20220201
<SEC-HEADER>0000950103-22-001782.hdr.sgml : 20220201
<ACCEPTANCE-DATETIME>20220201154055
ACCESSION NUMBER:		0000950103-22-001782
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220201
FILED AS OF DATE:		20220201
DATE AS OF CHANGE:		20220201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NatWest Group plc
		CENTRAL INDEX KEY:			0000844150
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10306
		FILM NUMBER:		22578687

	BUSINESS ADDRESS:	
		STREET 1:		GOGARBURN
		STREET 2:		PO BOX 1000
		CITY:			EDINBURGH, SCOTLAND
		STATE:			X0
		ZIP:			EH12 1HQ
		BUSINESS PHONE:		441315568555

	MAIL ADDRESS:	
		STREET 1:		GOGARBURN
		STREET 2:		PO BOX 1000
		CITY:			EDINBURGH, SCOTLAND
		STATE:			X0
		ZIP:			EH12 1HQ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYAL BANK OF SCOTLAND GROUP PLC
		DATE OF NAME CHANGE:	19950712
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp166420_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16 of</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center"><B>the&nbsp;Securities Exchange Act&nbsp;of
1934</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">For February 1, 2022</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Commission File Number: 001-10306</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">NatWest Group plc</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Gogarburn, PO Box 1000&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Edinburgh EH12 1HQ</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">________________________________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">Form 20-F __<U>X</U>__ Form 40-F _____</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by&nbsp;Regulation S-T&nbsp;Rule&nbsp;101(b)(1):&nbsp;<U>&nbsp;</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by&nbsp;Regulation S-T&nbsp;Rule&nbsp;101(b)(7):&nbsp;<U>&nbsp;</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b)&nbsp;under
the&nbsp;Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">Yes _____ No __<U>X</U>__</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">If &ldquo;Yes&rdquo; is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b): 82- _____</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>NATWEST GROUP PLC</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Redemption of Series U Non-Cumulative Dollar Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">February 1, 2022</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">NatWest Group plc (formerly known as The Royal
Bank of Scotland Group plc) (&ldquo;<B>NWG</B>&rdquo;) has given notice to holders of the redemption of the Series U Non-Cumulative Dollar
Preference Shares (ADS CUSIP: 639057AA6; ADS ISIN: US39057AA62) (the &ldquo;<B>Series U Dollar Preference Shares</B>&rdquo;) pursuant
to the capital disqualification event redemption provisions. Accordingly, on March 31, 2022 (the &ldquo;<B>Redemption Date</B>&rdquo;),
the Series U Dollar Preference Shares, amount outstanding US$1,013,000,000, and the corresponding series of American Depositary Shares
(&ldquo;<B>Series U ADSs</B>&rdquo;), at the redemption price of US$100,000 per Series U Dollar Preference Share plus accrued dividends
for the current dividend period to, but excluding, the Redemption Date, which dividend shall equal $635.94 per Series U Dollar Preference
Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On the Redemption Date, the depositary for the
American depositary receipts evidencing the Series U ADSs will redeem the number of Series U ADSs representing the Series U Dollar Preference
Shares being redeemed at a price per Series U ADS reflecting the per share amount received by the depositary upon redemption of the Series
U Dollar Preference Shares and the ratio of Series U ADSs to Series U Dollar Preference Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Series U Dollar Preference Shares will cease
to accrue dividends and shall be cancelled and all unmatured dividend coupons and talons (if any) shall become void for any purpose, as
from the Redemption Date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Upon redemption of the Series U Dollar Preference
Shares, there will be a loss to CET1 of approximately 16bps based on risk-weighted assets as of September 30, 2021. This arises due to
changes in FX rates since the date of issuance of the Series U Dollar Preference Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Prudential Regulation Authority, which has
primary responsibility for the prudential oversight and supervision of NWG, has determined that the Series U Dollar Preference Shares
can no longer be included in calculating NWG&rsquo;s Tier 1 capital on a solo and/or consolidated basis after December 31, 2021 (the &ldquo;<B>PRA
Determination</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Holders of the Series U ADSs may contact The
Bank of New York Mellon (depositary) at telephone number 1 866 241 9317 with any questions; international callers may telephone +001 201
680 6825.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>NatWest Group plc:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Treasury Debt Capital Markets &amp; Capital
Strategy </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Scott Forrest&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Tel: +44 (0)7747 455969</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>NatWest Investor Relations</B>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Paul Pybus</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">+44 (0) 20 7672 1758</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>This announcement contains forward-looking statements
within the meaning of the United States Private Securities Litigation Reform Act of 1995, such as statements that include, without limitation,
the words 'would have been', 'expect', 'estimate', 'project', 'anticipate', 'commit', 'believe', 'should', 'intend', 'will', 'plan', 'could',
'probability', 'risk', 'Value-at-Risk (VaR)', 'target', 'goal', 'objective', 'may', 'endeavour', 'outlook', 'optimistic', 'prospects'
and similar expressions or </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>variations on these expressions. These statements
concern or may affect future matters, such as NatWest Group's future economic results, business plans and strategies. In particular, this
document may include forward-looking statements relating to NatWest Group plc in respect of, but not limited to: the impact of the Covid-19
pandemic, its regulatory capital position and related requirements, its financial position, profitability and financial performance (including
financial, capital, cost savings and operational targets), the implementation of its Purpose-led strategy and the refocusing of its NatWest
Markets franchise, its ESG and climate related targets, its access to adequate sources of liquidity and funding, increasing competition
from new incumbents and disruptive technologies, its exposure to third party risks, its ongoing compliance with the UK ring-fencing regime
and ensuring operational continuity in resolution, its impairment losses and credit exposures under certain specified scenarios, substantial
regulation and oversight, ongoing legal, regulatory and governmental actions and investigations, the transition of LIBOR and IBOR rates
to alternative risk free rates and NatWest Group's exposure to economic and political risks (including with respect to terms surrounding
Brexit and climate change), operational risk, conduct risk, cyber and IT risk, key person risk and credit rating risk. Forward-looking
statements are subject to a number of risks and uncertainties that might cause actual results and performance to differ materially from
any expected future results or performance expressed or implied by the forward-looking statements. Factors that could cause or contribute
to differences in current expectations include, but are not limited to, the impact of the Covid-19 pandemic, future acquisitions, the
outcome of legal, regulatory and governmental actions and investigations, the level and extent of future impairments and write-downs (including
with respect to goodwill), legislative, political, fiscal and regulatory developments, accounting standards, competitive conditions, technological
developments, interest and exchange rate fluctuations, general economic and political conditions and the impact of climate related risks
and the transitioning to a low carbon economy. These and other factors, risks and uncertainties that may impact any forward-looking statement
or NatWest Group plc's actual results are discussed in NatWest Group plc's UK 2020 Annual Report and Accounts (ARA), NatWest Group plc's
Interim Results for H1 2021, NatWest Group plc's Interim Results for Q3 2021 and NatWest Group plc's filings with the US Securities and
Exchange Commission, including, but not limited to, NatWest Group plc's most recent Annual Report on Form 20-F and Reports on Form 6-K.
The forward-looking statements contained in this document speak only as of the date of this document and NatWest Group plc does not assume
or undertake any obligation or responsibility to update any of the forward-looking statements contained in this document, whether as a
result of new information, future events or otherwise, except to the extent legally required.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #212529"><B>MAR</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This announcement contains information that qualified
or may have qualified as inside information in relation to the ADSs as specified above for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 (MAR). For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement
is made by Scott Forrest, Head of Treasury Debt Capital Markets &amp; Capital Strategy for NatWest Group plc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requiremen<FONT STYLE="color: #525454">ts
</FONT>of the Securities Exchange Act of 1934, the registr<FONT STYLE="color: #444444">a</FONT>nt has duly caused th<FONT STYLE="color: #232323">i</FONT>s
report to be <FONT STYLE="color: #444444">s</FONT>igned on its behalf by the undersigned, thereun<FONT STYLE="color: #444444">t</FONT>o
duly authorized.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt"><FONT STYLE="color: #010101">NATWEST GROUP plc<BR>
    (Regi</FONT><FONT STYLE="color: #525454">s</FONT><FONT STYLE="color: #010101">trant)</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #010101">February 1, </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #444444">2022</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Katie Murray</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name: Katie Murray</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Title: Chief Financial Officer&#9;</FONT></TD></TR>
  </TABLE>

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