<SEC-DOCUMENT>0001654954-22-003880.txt : 20220328
<SEC-HEADER>0001654954-22-003880.hdr.sgml : 20220328
<ACCEPTANCE-DATETIME>20220328092051
ACCESSION NUMBER:		0001654954-22-003880
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220328
FILED AS OF DATE:		20220328
DATE AS OF CHANGE:		20220328

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:		22773383

	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>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a2037g.htm
<DESCRIPTION>OFF-MARKET PURCHASE OF ORDINARY SHARES FROM HMT
<TEXT>
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FORM 6-K</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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Pursuant to Rule 13a-16 or 15d-16</font></div>
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of the Securities Exchange Act of 1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">For
March 28, 2022</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Commission
File Number: 001-10306</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">NatWest
Group plc</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">RBS,
Gogarburn, PO Box 1000</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Edinburgh
EH12 1HQ</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Address
of principal executive offices)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</font></div>
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20-F <font style="text-decoration: underline">X</font> Form 40-F
___</font></div>
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101(b)(1):_________</font></div>
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by check mark if the registrant is submitting the Form 6-K in paper
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101(b)(7):_________</font></div>
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Exchange Act of 1934.</font></div>
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The following information was issued as&#xA0;Company announcements
in London, England and is furnished pursuant to General Instruction
B to the General Instructions to Form
6-K:</font>&#xA0;</font></div>
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<br></font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
NatWest Group plc</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
28 March 2022</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Off-market purchase of 549,851,147 ordinary shares from Her
Majesty's Treasury ("HM Treasury") resulting in HM Treasury's
voting rights in NatWest Group falling below 50%</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
NatWest Group plc (the "Company" or "NWG") has agreed with HM
Treasury to make an off-market purchase (the "Off-Market Purchase")
of 549,851,147 ordinary shares in the Company with a nominal value
of &#xA3;1 each ("Ordinary Shares") at a price of 220.5 pence per
Ordinary Share, being the closing price of the Ordinary Shares on
the London Stock Exchange on 25 March 2022. &#xA0;The total
consideration for the Off-Market Purchase will be
&#xA3;1,212,421,779.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The purchased Ordinary Shares represent 4.91 per cent of the
Company's issued share capital (excluding treasury shares). The
Off-Market Purchase is expected to settle on 30 March
2022.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
A&#xA0;contract (the "Directed Buyback Contract") between the
Company and HM Treasury was approved by the shareholders of the
Company at a General Meeting held on 6 February 2019 and signed on
7 February 2019. The authority from shareholders to make off-market
purchases of Ordinary Shares&#xA0;from HM Treasury (or its nominee)
under the terms of the Directed Buyback Contract was renewed at the
Annual General Meeting on 28 April 2021.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
NWG intends to cancel all of the purchased Ordinary
Shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">
Under chapter 11 of the Listing Rules, the Directed Buyback
Contract constitutes a related party transaction. However, the
Off-Market Purchase is treated as a smaller related party
transaction under&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">LR
11.1.10 R</font><font style="text-decoration: underline; font-size: 13px">.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Following settlement of the above transaction:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="margin-left: 12px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">NWG
will hold 146,116,846 of its Ordinary Shares as treasury
shares;</font></div>
</div>
</div>
<div style="margin-left: 12px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">NWG will have in issue 10,650,979,374 Ordinary
Shares (excluding treasury shares)</font><font style="font-size: 70%; vertical-align: top">[1]</font><font style="color: #000000">; 483,140 Cumulative Preference Shares of &#xA3;1;
and 10,130 Category II Non-cumulative Preference Shares of US$0.01
in issue; and</font></font></div>
</div>
</div>
<div style="margin-left: 12px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">HM
Treasury will hold approximately 48.06 per cent. of the Company's
voting rights.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Based on NWG's proforma position on 1 January 2022, NWG's CET1
ratio of 15.9 per cent will be reduced by 69 basis points (31
December 2021 77 basis points) and tangible equity per share will
increase to 275 pence.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #000000; font-family: Times New Roman; font-size: 13px">
Contribution to the main pension scheme</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Off-Market Purchase of Ordinary Shares has triggered NWG to pay
&#xA3;427 million to its main pension scheme in line with the
memorandum of understanding announced on 17 April 2018.&#xA0; CET1
is not impacted as this charge was accrued as part of the FY 2021
results.&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The person responsible for arranging the release of this
announcement on behalf of NWG is Alexander Holcroft, Head of
Investor Relations.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
MAR Inside Information</font><font style="color: #000000">&#xA0;-
this announcement contains information that qualified or may have
qualified as inside information for NWG, for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 of 16 April
2014 (MAR) as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Further information:</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Investor Relations</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+ 44 (0)207 672 1758</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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Media Relations</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+44 (0)131 523 4205</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Legal Entity
Identifier:&#xA0;2138005O9XJIJN4JPN90</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font></font></div>
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&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">Forward-looking
statements</font></font><br></font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: rgb(0, 0, 0); font-size: 13px;">
This document 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 '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 variations on these
expressions. These statements concern or may affect future matters,
such as NatWest Group's future economic results, business plans and
strategies.</font>&#xA0;<font style="color: #000000; font-size: 13px">&#xA0;In particular, this
document may include forward-looking statements relating to NatWest
Group plc in respect of, but not limited to: NatWest Group's
intention to cancel any purchased Ordinary Shares, the expected
impacts on NatWest Group plc's CET1 ratio and tangible equity per
share, any contribution to the main pension fund, 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, 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, data and IT risk,
financial crime risk, key person risk and credit rating
risk.</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="color: #000000">&#xA0;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
growth initiatives (including acquisitions, joint ventures and
strategic partnerships), 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 net zero
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 2021 Annual Report
and Accounts (ARA) 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.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top">
[1]</font> <font style="color: #000000">This number does not take
into account any purchases of Ordinary Shares which (i) may have
taken place but have not, at the date of this announcement, settled
under NWG's On Market Share Buy back Programme which commenced on
21 February 2022 (the "Programme") or (ii) may take place under the
Programme between the date of this announcement and settlement of
the Off-Market Purchase.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Date:&#xA0;28
March 2022</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">NATWEST
GROUP plc (Registrant)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">By: /s/
Jan Cargill</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Name:
Jan Cargill</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Title:
Chief Governance Officer and Company Secretary</font></div>
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