<SEC-DOCUMENT>0000844150-25-000005.txt : 20250515
<SEC-HEADER>0000844150-25-000005.hdr.sgml : 20250515
<ACCEPTANCE-DATETIME>20250514180044
ACCESSION NUMBER:		0000844150-25-000005
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250515
DATE AS OF CHANGE:		20250514
EFFECTIVENESS DATE:		20250515

FILER:

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

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-05855
		FILM NUMBER:		25947489

	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>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
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        <credentials>
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          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>03-31-2025</periodOfReport>
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      <reportCalendarOrQuarter>03-31-2025</reportCalendarOrQuarter>
      <filingManager>
        <name>NatWest Group plc</name>
        <address>
          <com:street1>GOGARBURN</com:street1>
          <com:street2>PO BOX 1000</com:street2>
          <com:city>EDINBURGH, SCOTLAND</com:city>
          <com:stateOrCountry>X0</com:stateOrCountry>
          <com:zipCode>EH12 1HQ</com:zipCode>
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      <provideInfoForInstruction5>N</provideInfoForInstruction5>
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    <signatureBlock>
      <name>Gary Moore</name>
      <title>Chief Governance Officer &amp; Company Secretary</title>
      <phone>0044 779 567 6738</phone>
      <signature>Gary Moore</signature>
      <city>Edinburgh</city>
      <stateOrCountry>X0</stateOrCountry>
      <signatureDate>05-14-2025</signatureDate>
    </signatureBlock>
    <summaryPage>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
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        <figi>BBG001SFB7R6</figi>
        <value>7861543</value>
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            <sshPrnamt>13991</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
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        <nameOfIssuer>JPMORGAN CHASE &amp; CO.</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>46625H100</cusip>
        <figi>BBG001S8CRC3</figi>
        <value>3047117</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12422</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>12422</Sole>
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    <infoTable>
        <nameOfIssuer>JPMORGAN CHASE &amp; CO.</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>46625H100</cusip>
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        <value>12073911</value>
        <shrsOrPrnAmt>
            <sshPrnamt>49221</sshPrnamt>
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        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>49221</Sole>
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            <None>0</None>
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        <nameOfIssuer>KIMBERLY-CLARK CORP</nameOfIssuer>
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        <cusip>494368103</cusip>
        <figi>BBG001S5SLZ0</figi>
        <value>2352177</value>
        <shrsOrPrnAmt>
            <sshPrnamt>16539</sshPrnamt>
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        <votingAuthority>
            <Sole>16539</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>KIMBERLY-CLARK CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>494368103</cusip>
        <figi>BBG001S5SLZ0</figi>
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            <sshPrnamt>76123</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
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            <Sole>76123</Sole>
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            <None>0</None>
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        <nameOfIssuer>KROGER CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>501044101</cusip>
        <figi>BBG001S5SN40</figi>
        <value>1223226</value>
        <shrsOrPrnAmt>
            <sshPrnamt>18071</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>18071</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>KROGER CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>501044101</cusip>
        <figi>BBG001S5SN40</figi>
        <value>5545436</value>
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            <sshPrnamt>81924</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>81924</Sole>
            <Shared>0</Shared>
            <None>0</None>
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        <nameOfIssuer>LINDE PLC</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>G54950103</cusip>
        <figi>BBG01FND0CH6</figi>
        <value>310582</value>
        <shrsOrPrnAmt>
            <sshPrnamt>667</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>667</Sole>
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            <None>0</None>
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        <nameOfIssuer>LOGITECH INTL S A</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>H50430232</cusip>
        <figi>BBG001S9T9J6</figi>
        <value>214486</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2541</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>2541</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>LOGITECH INTL S A</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>H50430232</cusip>
        <figi>BBG001S9T9J6</figi>
        <value>1744079</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20662</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>20662</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>META PLATFORMS INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>30303M102</cusip>
        <figi>BBG001SQCQC5</figi>
        <value>3311765</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5746</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>5746</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>META PLATFORMS INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>30303M102</cusip>
        <figi>BBG001SQCQC5</figi>
        <value>11470140</value>
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            <sshPrnamt>19901</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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        <votingAuthority>
            <Sole>19901</Sole>
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            <None>0</None>
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        <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>594918104</cusip>
        <figi>BBG001S5TD05</figi>
        <value>1795490</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4783</sshPrnamt>
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        <votingAuthority>
            <Sole>4783</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>594918104</cusip>
        <figi>BBG001S5TD05</figi>
        <value>10672338</value>
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            <sshPrnamt>28430</sshPrnamt>
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        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>28430</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>MOODYS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>615369105</cusip>
        <figi>BBG001S5VP87</figi>
        <value>2307960</value>
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            <sshPrnamt>4956</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>4956</Sole>
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        <nameOfIssuer>MOODYS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>615369105</cusip>
        <figi>BBG001S5VP87</figi>
        <value>8000554</value>
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            <sshPrnamt>17180</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>17180</Sole>
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            <None>0</None>
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        <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>617446448</cusip>
        <figi>BBG001S9V5Z3</figi>
        <value>933477</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8001</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
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            <None>0</None>
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        <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
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        <cusip>617446448</cusip>
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            <sshPrnamt>42234</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>42234</Sole>
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            <None>0</None>
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        <nameOfIssuer>MOTOROLA SOLUTIONS INC</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>620076307</cusip>
        <figi>BBG001S5T9L1</figi>
        <value>1956135</value>
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            <sshPrnamt>4468</sshPrnamt>
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            <Sole>4468</Sole>
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        <cusip>620076307</cusip>
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        <value>4177145</value>
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            <sshPrnamt>9541</sshPrnamt>
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            <Sole>9541</Sole>
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            <None>0</None>
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        <titleOfClass>COM</titleOfClass>
        <cusip>64110L106</cusip>
        <figi>BBG001SF6L46</figi>
        <value>2734178</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2932</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>2932</Sole>
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            <None>0</None>
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        <nameOfIssuer>NETFLIX INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>64110L106</cusip>
        <figi>BBG001SF6L46</figi>
        <value>10656953</value>
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            <sshPrnamt>11428</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>11428</Sole>
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        <titleOfClass>COM NEW</titleOfClass>
        <cusip>629377508</cusip>
        <figi>BBG001SDD8F0</figi>
        <value>2453131</value>
        <shrsOrPrnAmt>
            <sshPrnamt>25698</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
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        <nameOfIssuer>NRG ENERGY INC</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>629377508</cusip>
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        <value>6439159</value>
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            <sshPrnamt>67454</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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        <votingAuthority>
            <Sole>67454</Sole>
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        <nameOfIssuer>NVIDIA CORPORATION</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>67066G104</cusip>
        <figi>BBG001S5TZJ6</figi>
        <value>2678287</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24712</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>24712</Sole>
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            <None>0</None>
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        <nameOfIssuer>NVIDIA CORPORATION</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>67066G104</cusip>
        <figi>BBG001S5TZJ6</figi>
        <value>10766144</value>
        <shrsOrPrnAmt>
            <sshPrnamt>99337</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>99337</Sole>
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            <None>0</None>
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        <nameOfIssuer>TRANSDIGM GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>893641100</cusip>
        <figi>BBG001SPV1C1</figi>
        <value>264208</value>
        <shrsOrPrnAmt>
            <sshPrnamt>191</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>191</Sole>
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            <None>0</None>
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        <nameOfIssuer>UBS GROUP AG</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>H42097107</cusip>
        <figi>BBG007936GX0</figi>
        <value>921228</value>
        <shrsOrPrnAmt>
            <sshPrnamt>30076</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>30076</Sole>
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            <None>0</None>
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        <titleOfClass>SHS</titleOfClass>
        <cusip>H42097107</cusip>
        <figi>BBG007936GX0</figi>
        <value>5235678</value>
        <shrsOrPrnAmt>
            <sshPrnamt>170933</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>170933</Sole>
            <Shared>0</Shared>
            <None>0</None>
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        <cusip>92826C839</cusip>
        <figi>BBG001SRCFY3</figi>
        <value>1806621</value>
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            <sshPrnamt>5155</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>5155</Sole>
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            <None>0</None>
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        <figi>BBG001SRCFY3</figi>
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            <sshPrnamt>26593</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
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            <Sole>26593</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>WELLS FARGO CO NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>949746101</cusip>
        <figi>BBG001S5XF23</figi>
        <value>2052333</value>
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            <sshPrnamt>28588</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>28588</Sole>
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            <None>0</None>
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        <titleOfClass>COM</titleOfClass>
        <cusip>949746101</cusip>
        <figi>BBG001S5XF23</figi>
        <value>10899876</value>
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            <sshPrnamt>151830</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
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</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
