<SEC-DOCUMENT>0000950103-24-003381.txt : 20240304
<SEC-HEADER>0000950103-24-003381.hdr.sgml : 20240304
<ACCEPTANCE-DATETIME>20240304172436
ACCESSION NUMBER:		0000950103-24-003381
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20240304
FILED AS OF DATE:		20240304
DATE AS OF CHANGE:		20240304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NatWest Group plc
		CENTRAL INDEX KEY:			0000844150
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10306
		FILM NUMBER:		24716042

	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/A
<SEQUENCE>1
<FILENAME>dp207948_6ka.htm
<DESCRIPTION>FORM 6-K/A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>


<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K/A</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13A-16 OR 15D-16<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>March 4, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number 001-10306</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NatWest Group plc</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gogarburn</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PO Box 1000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Edinburgh EH12 1HQ</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Kingdom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">
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    <TD STYLE="width: 50%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 20-F&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
    <TD STYLE="width: 50%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 40-F&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 12g3-2(b) under the Securities Exchange
Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 50%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">No&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">If &quot;Yes&quot; is marked, indicate below the
file number assigned to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the registrant in connection with Rule 12g3-2(b):
82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This report on Form 6-K shall be deemed incorporated
by reference into the company&rsquo;s Registration Statement on Form F-3 (File No. 333-261837) and to be a part thereof from the date
on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Explanatory Note</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This report on Form 6-K/A is being filed
by NatWest Group plc (&ldquo;NWG&rdquo;) as an amendment to the report on Form 6-K dated March 1, 2024, relating to the closing of NWG&rsquo;s
offering of USD 1,000,000,000 Fixed-to-Fixed Reset Rate Subordinated Tier 2 Notes due 2034 (the &ldquo;Original Form 6-K&rdquo;). The
purpose of this report on Form 6-K/A is to correct a clerical error in Exhibits 5.1 and 5.2 of the Original Form 6-K and therefore replace
Exhibits 5.1 and 5.2 filed with the Original Form 6-K in their entirety with the Exhibits 5.1 and 5.2 filed herewith.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Other than as expressly set forth above,
this Form 6-K/A does not amend, update or restate any other information in, or Exhibits filed with, the Original Form 6-K.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Index of Exhibits</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="padding-top: 4pt; width: 13%; padding-right: 6pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Exhibit No.</B></P></TD>
    <TD STYLE="padding-top: 4pt; border-bottom: Black 1pt solid; width: 87%; padding-right: 6pt; padding-bottom: 4pt">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Description</B></P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-indent: 0.5in; font-size: 12pt; padding-right: 6pt; padding-bottom: 4pt"><A HREF="dp207948_ex0501.htm"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="padding-top: 4pt; text-indent: 0.5in; font-size: 12pt; padding-right: 6pt; padding-bottom: 4pt"><A HREF="dp207948_ex0501.htm"><FONT STYLE="font-size: 10pt">Opinion of CMS Cameron McKenna Nabarro Olswang LLP, Scottish legal advisors to NatWest Group plc as to the validity of the Fixed-to-Fixed Reset Rate Subordinated Tier 2 Notes due 2034 of NatWest Group plc, issued on March 1, 2024, as to certain matters of Scots law.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-indent: 0.5in; font-size: 12pt; padding-right: 6pt; padding-bottom: 4pt"><A HREF="dp207948_ex0502.htm"><FONT STYLE="font-size: 10pt">5.2</FONT></A></TD>
    <TD STYLE="padding-top: 4pt; text-indent: 0.5in; font-size: 12pt; padding-right: 6pt; padding-bottom: 4pt"><A HREF="dp207948_ex0502.htm"><FONT STYLE="font-size: 10pt">Opinion of Davis Polk &amp; Wardwell London LLP, U.S. legal advisors to NatWest Group plc as to the validity of the Fixed-to-Fixed Reset Rate Subordinated Tier 2 Notes due 2034 of NatWest Group plc, issued on March 1, 2024, as to certain matters of New York law.</FONT></A></TD></TR>
  </TABLE>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURE</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt">&nbsp;</P>

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    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>NatWest Group plc<BR></B>(Registrant)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 12pt"><FONT STYLE="font-size: 10pt">Date: March 4, 2024</FONT></TD>
    <TD STYLE="width: 5%; font-size: 12pt"><FONT STYLE="font-size: 10pt">By: &#9;</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 10pt">/s/ Mark Stevens</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Mark Stevens</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Assistant Secretary</FONT></TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dp207948_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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    <TD STYLE="width: 71%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 68.9pt 0pt 0; text-align: left">NatWest Group plc</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 68.9pt 0pt 0; text-align: left">36 St Andrew Square</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 68.9pt 0pt 0; text-align: left">Edinburgh</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EH2 2YB</P></TD>
    <TD STYLE="width: 29%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">CMS Cameron McKenna Nabarro Olswang LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Saltire Court</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20 Castle Terrace</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Edinburgh</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EH1 2EN</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DX</B> 553001, Edinburgh 18</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Post</B> LP-2, Edinburgh 6</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>T</B> +44 131 228 8000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>F</B> +44 131 228 8888</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>cms.law</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="width: 21%; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 29%; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">1 March 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Your ref</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Our ref</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">STPH/EDN/RBG001</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sirs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>$1,000,000,000 6.475% Fixed-to-Fixed Reset Rate
Subordinated Tier 2 Notes due 2034</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -1.8pt">We have acted as solicitors
in Scotland for NatWest Group plc (the <B>Company</B>) in connection with (i)&nbsp;the Underwriting Agreement dated as of 28 February
2024 (the <B>Base Underwriting Agreement</B>) between you and the representatives of certain underwriters (the <B>Underwriters</B>) under
which the Underwriters have severally agreed to purchase from the Company US$1,000,000,000 aggregate principal amount of the Company&rsquo;s
6.475% Fixed-to-Fixed Reset Rate Subordinated Tier 2 Notes due 2034 (the <B>Notes</B>), and (ii)&nbsp;the Pricing Agreement dated as of
28 February 2024 (the <B>Pricing Agreement</B> and, together with the Base Underwriting Agreement, the <B>Underwriting Agreement</B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -1.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -1.7pt">The Notes are to be issued
pursuant to an amended and restated indenture dated as of 4 December 2012 (the <B>Base Indenture</B>), as supplemented and amended by
an eighth supplemental indenture dated as of 1 March 2024, in each case between the Company and The Bank of New York Mellon, London Branch,
as trustee. The Base Indenture, as so supplemented and amended, is herein referred to as the <B>Indenture</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -1.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We, as your solicitors, have examined originals
or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records, certificates of public officials
and other instruments as we have deemed necessary for the purposes of rendering this opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the basis of the foregoing, we advise you that,
in our opinion, the Notes have been duly authorized in accordance with the Indenture, and, when executed and authenticated in accordance
with the provisions of the Indenture and delivered to, and paid for, by the Underwriters in accordance with the terms of the Underwriting
Agreement, will constitute valid and binding obligations of the Company, enforceable against</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-top: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UK - 690790395.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CMS Cameron McKenna Nabarro Olswang LLP is a limited
liability partnership registered in England and Wales with registration number OC310335. It is a body corporate which uses the word &ldquo;partner&rdquo;
to refer to a member, or an employee or consultant with equivalent standing and qualifications. It is authorised and regulated by the
Solicitors Regulation Authority of England and Wales with SRA number 423370. A list of members and their professional qualifications is
open to inspection at the registered office, Cannon Place, 78 Cannon Street, London EC4N 6AF. Members are either solicitors or registered
foreign lawyers. VAT registration number: 974 899 925. Further information about the firm can be found at cms.law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CMS Cameron McKenna Nabarro Olswang LLP is a member
of CMS Legal Services EEIG (CMS EEIG), a European Economic Interest Grouping that coordinates an organisation of independent law firms.
CMS EEIG provides no client services. Such services are solely provided by CMS EEIG&rsquo;s member firms in their respective jurisdictions.
CMS EEIG and each of its member firms are separate and legally distinct entities, and no such entity has any authority to bind any other.
CMS EEIG and each member firm are liable only for their own acts or omissions and not those of each other. The brand name &ldquo;CMS&rdquo;
and the term &ldquo;firm&rdquo; are used to refer to some or all of the member firms or their offices. Further information can be found
at www.cmslegal.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice: the firm does not accept service by e-mail
of court proceedings, other processes or formal notices of any kind without specific prior written agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Company in accordance with their terms, subject
to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally (including the Banking Act 2009 and
any secondary legislation, instruments or orders made, or which may be made, under it) and equitable principles of general applicability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing opinion is limited to the present
laws of Scotland. We have made no investigation of the laws of any jurisdiction other than Scotland and neither express nor imply any
opinion as to any other laws and in particular the laws of the State of New York and the laws of the United States of America, and our
opinion is subject to such laws including the matters stated in the opinion of Davis Polk &amp; Wardwell London LLP dated 1 March 2024,
to be filed on Form 6-K concurrently with this opinion. The laws of the State of New York are the chosen governing law of the Notes, and
we have assumed that the Notes constitute valid, binding and enforceable obligations of the Company, enforceable against the Company in
accordance with their terms, under such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this opinion
as an exhibit to a report on Form 6-K to be filed by the Company on the date hereof. In giving this consent, we do not admit that we are
in the category of persons whose consent is required under Section&nbsp;7 of the US Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yours faithfully</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 68.95pt 0pt 0.5in; text-align: justify; text-indent: -0.5in">/s/ Partner,
for and on behalf of CMS Cameron McKenna Nabarro Olswang LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 68.95pt 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>CMS Cameron McKenna Nabarro Olswang LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>dp207948_ex0502.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="color: #140B7F; width: 20%">&nbsp;<IMG SRC="image_004.jpg" ALT="" STYLE="height: 19px; width: 105px"></TD>
    <TD STYLE="width: 28%">
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Davis Polk &amp; Wardwell London <FONT STYLE="font-variant: small-caps">llp</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">5 Aldermanbury Square<BR>
London EC2V 7HR</P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">davispolk.com</P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="color: #140BE3; width: 22%">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase; width: 30%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&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 STYLE="width: 100%; font-size: 10pt">March 1, 2024</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Gogarburn<BR>
PO Box 1000<BR>
Edinburgh EH12 1HQ<BR>
United Kingdom</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">Ladies and Gentlemen:</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">We have acted as special United States counsel for NatWest Group plc
(the&nbsp;&ldquo;<B>Company</B>&rdquo;), a public limited company organized under the laws of Scotland, in connection with (i) the Underwriting
Agreement dated as of February 28, 2024 (the &ldquo;<B>Base Underwriting Agreement</B>&rdquo;) among the Company and the several underwriters
listed in Schedule I to the Pricing Agreement (collectively, the &ldquo;<B>Underwriters</B>&rdquo;), under which the Underwriters have
severally agreed to purchase from the Company $1,000,000,000 aggregate principal amount of its Fixed-to-Fixed Reset Rate Subordinated
Tier 2 Notes due 2034 (the &ldquo;<B>Notes</B>&rdquo;) and (ii) the Pricing Agreement dated as of February 28, 2024 related thereto (the
&ldquo;<B>Pricing Agreement</B>&rdquo; and, together with the Base Underwriting Agreement, the &ldquo;<B>Underwriting Agreement</B>&rdquo;).
The Company has filed with the Securities and Exchange Commission a Registration Statement on Form F-3 (File No. 333-261837) (the &ldquo;<B>Registration
Statement</B>&rdquo;) for the purpose of registering under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;),
certain securities, including the Notes. The Notes are to be issued pursuant to the provisions of the Subordinated Debt Securities Indenture
dated as of December 4, 2012 (the &ldquo;<B>Original Base Indenture</B>&rdquo;), as amended and supplemented by the First Supplemental
Indenture dated as of December 4, 2012 (the &ldquo;<B>First Supplemental Indenture</B>&rdquo;), the Fourth Supplemental Indenture dated
as of May 28, 2014 (the &ldquo;<B>Fourth Supplemental Indenture</B>&rdquo;) and the Sixth Supplemental Indenture dated August 19, 2020
(the &ldquo;<B>Sixth Supplemental Indenture</B>&rdquo; and, together with the Original Base Indenture, the First Supplemental Indenture
and the Fourth Supplemental Indenture, the &ldquo;<B>Base Indenture</B>&rdquo;) and the Eighth Supplemental Indenture with respect to
the Notes dated as of March 1, 2024 (the &ldquo;<B>Eighth Supplemental Indenture</B>&rdquo; and, together with the Base Indenture, the
&ldquo;<B>Indenture</B>&rdquo;), in each case between the Company and The Bank of New York Mellon, London Branch, as trustee.</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">We, as your counsel, have examined originals or copies of such documents,
corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of
rendering this opinion.</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">In rendering the opinions expressed herein, we have, without independent
inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted
to us as copies conform to authentic, complete originals, (iii) all documents filed with or submitted to the Securities and Exchange Commission
through its Electronic Data Gathering, Analysis and Retrieval (&ldquo;<B>EDGAR</B>&rdquo;) system (except for required EDGAR formatting
changes) conform to the versions of such documents reviewed by us prior to such formatting, (iv) all signatures on all documents that
we reviewed are genuine, (v) all natural persons executing documents had and have the legal capacity to do so, (vi) all statements in
certificates of public officials and officers of the Company that we reviewed were and are accurate and (vii) all representations made
by the Company as to matters of fact in the documents that we reviewed or that were otherwise made to us by the Company were and are accurate.</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; border-top: #140BE3 0.5pt solid">Davis Polk &amp; Wardwell London LLP
is a limited liability partnership formed under the laws of the State of New York, USA and is authorised and regulated by the Solicitors
Regulation Authority with registration number 566321.<BR>
Davis Polk includes Davis Polk &amp; Wardwell LLP and its associated entities</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;<IMG SRC="image_004.jpg" ALT="" STYLE="height: 19px; width: 105px"></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"><FONT STYLE="font-size: 10pt">Based upon the foregoing and subject to
the additional assumptions and qualifications set forth below, we advise you that, in our opinion, assuming that the Notes have been duly
authorized, executed and delivered by the Company insofar as Scots law is concerned, the Notes </FONT>(other than the terms expressed
to be governed by Scots law as to which we express no opinion)<FONT STYLE="font-size: 10pt">, when executed and authenticated in accordance
with the provisions of the Indenture and delivered to and paid for by the Underwriters pursuant to the Underwriting Agreement, will constitute
valid and binding obligations of the Company, enforceable in accordance with their terms.</FONT></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">In connection with the opinion expressed above, we have assumed that
the Company validly exists as a public limited company under the laws of Scotland. In addition, we have assumed that the Indenture and
the Notes (collectively, the &ldquo;<B>Documents</B>&rdquo;) are valid, binding and enforceable agreements of each party thereto. We have
also assumed that the execution, delivery and performance by each party to each Document to which it is a party (a) are within its corporate
powers, (b) do not contravene, or constitute a default under, the certificate of incorporation or bylaws or other constitutive documents
of such party, (c) require no action by or in respect of, or filing with, any governmental body, agency or official and (d) do not contravene,
or constitute a default under, any provision of applicable law or regulation or any judgment, injunction, order or decree or any agreement
or other instrument binding upon such party.</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">Our opinion is subject to (i) the effects of applicable bankruptcy,
insolvency and similar laws affecting the enforcement of creditors&rsquo; rights generally, concepts of reasonableness and equitable principles
of general applicability and (ii) possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting
creditors&rsquo; rights.</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">We express no opinion with respect to the provisions in the Notes relating
to the acknowledgement of and consent to the exercise of any U.K. bail-in power (as defined therein) or Article 4 of the Eighth Supplemental
Indenture.</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">We are members of the Bar of the State of New York, and we express no
opinion as to the laws of any jurisdiction other than the laws of the State of New York and the federal laws of the United States. Insofar
as the foregoing opinion involves matters governed by Scots law, we have relied, without independent inquiry or investigation, on the
opinion of CMS Cameron McKenna LLP, special legal counsel in Scotland for the Company, dated as of March 1, 2024, to be filed on Form
6-K concurrently with this opinion.</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">We hereby consent to the filing of this opinion as an exhibit to a report
on Form 6-K to be filed by the Company on the date hereof and its incorporation by reference into the Registration Statement. In giving
this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.</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">Very truly yours,</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">/s/ Davis Polk &amp; Wardwell London LLP</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">Davis Polk &amp; Wardwell London LLP</P>

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


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