<SEC-DOCUMENT>0000844150-25-000010.txt : 20250731
<SEC-HEADER>0000844150-25-000010.hdr.sgml : 20250731
<ACCEPTANCE-DATETIME>20250731124129
ACCESSION NUMBER:		0000844150-25-000010
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250731
DATE AS OF CHANGE:		20250731
EFFECTIVENESS DATE:		20250731

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:		251170592

	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
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      <periodOfReport>06-30-2025</periodOfReport>
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      <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> 00447795676738</phone>
      <signature>Gary Moore</signature>
      <city>Edinburgh</city>
      <stateOrCountry>X0</stateOrCountry>
      <signatureDate>07-29-2025</signatureDate>
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<TYPE>INFORMATION TABLE
<SEQUENCE>2
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        <cusip>136385101</cusip>
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            <Sole>8662</Sole>
            <Shared>0</Shared>
            <None>0</None>
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        <nameOfIssuer>KROGER CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>501044101</cusip>
        <figi>BBG001S5SN40</figi>
        <value>1496503</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20863</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>20863</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>KROGER CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>501044101</cusip>
        <figi>BBG001S5SN40</figi>
        <value>5735029</value>
        <shrsOrPrnAmt>
            <sshPrnamt>79953</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>79953</Sole>
            <Shared>0</Shared>
            <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>292652</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3247</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>3247</Sole>
            <Shared>0</Shared>
            <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>1753299</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19453</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>19453</Sole>
            <Shared>0</Shared>
            <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>4466921</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6052</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>6052</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>META PLATFORMS INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>30303M102</cusip>
        <figi>BBG001SQCQC5</figi>
        <value>14119662</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19130</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>19130</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>4010119</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8062</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>8062</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>594918104</cusip>
        <figi>BBG001S5TD05</figi>
        <value>17755547</value>
        <shrsOrPrnAmt>
            <sshPrnamt>35696</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>35696</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>MOODYS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>615369105</cusip>
        <figi>BBG001S5VP87</figi>
        <value>1565462</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3121</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>3121</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>MOODYS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>615369105</cusip>
        <figi>BBG001S5VP87</figi>
        <value>6734849</value>
        <shrsOrPrnAmt>
            <sshPrnamt>13427</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>13427</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>617446448</cusip>
        <figi>BBG001S9V5Z3</figi>
        <value>1302110</value>
        <shrsOrPrnAmt>
            <sshPrnamt>9244</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>9244</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>617446448</cusip>
        <figi>BBG001S9V5Z3</figi>
        <value>5786811</value>
        <shrsOrPrnAmt>
            <sshPrnamt>41082</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>41082</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>MOTOROLA SOLUTIONS INC</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>620076307</cusip>
        <figi>BBG001S5T9L1</figi>
        <value>978831</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2328</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>2328</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>MOTOROLA SOLUTIONS INC</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>620076307</cusip>
        <figi>BBG001S5T9L1</figi>
        <value>2784707</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6623</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>6623</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>NETFLIX INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>64110L106</cusip>
        <figi>BBG001SF6L46</figi>
        <value>3750903</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2801</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>2801</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>NETFLIX INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>64110L106</cusip>
        <figi>BBG001SF6L46</figi>
        <value>14026048</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10474</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>10474</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>NRG ENERGY INC</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>629377508</cusip>
        <figi>BBG001SDD8F0</figi>
        <value>2097014</value>
        <shrsOrPrnAmt>
            <sshPrnamt>13059</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>13059</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>NRG ENERGY INC</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>629377508</cusip>
        <figi>BBG001SDD8F0</figi>
        <value>5634913</value>
        <shrsOrPrnAmt>
            <sshPrnamt>35091</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>35091</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>NVIDIA CORPORATION</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>67066G104</cusip>
        <figi>BBG001S5TZJ6</figi>
        <value>3841685</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24316</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>24316</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>NVIDIA CORPORATION</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>67066G104</cusip>
        <figi>BBG001S5TZJ6</figi>
        <value>14324479</value>
        <shrsOrPrnAmt>
            <sshPrnamt>90667</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>90667</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ROYAL CARIBBEAN GROUP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>V7780T103</cusip>
        <figi>BBG001S5RMJ7</figi>
        <value>2656680</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8484</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>8484</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ROYAL CARIBBEAN GROUP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>V7780T103</cusip>
        <figi>BBG001S5RMJ7</figi>
        <value>7887997</value>
        <shrsOrPrnAmt>
            <sshPrnamt>25190</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>25190</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>TRANSDIGM GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>893641100</cusip>
        <figi>BBG001SPV1C1</figi>
        <value>243302</value>
        <shrsOrPrnAmt>
            <sshPrnamt>160</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>160</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>UBER TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>90353T100</cusip>
        <figi>BBG002B04MW4</figi>
        <value>2567896</value>
        <shrsOrPrnAmt>
            <sshPrnamt>27523</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>27523</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>UBER TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>90353T100</cusip>
        <figi>BBG002B04MW4</figi>
        <value>8216744</value>
        <shrsOrPrnAmt>
            <sshPrnamt>88068</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>88068</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>UBS GROUP AG</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>H42097107</cusip>
        <figi>BBG007936GX0</figi>
        <value>450178</value>
        <shrsOrPrnAmt>
            <sshPrnamt>13311</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>13311</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>UBS GROUP AG</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>H42097107</cusip>
        <figi>BBG007936GX0</figi>
        <value>2687878</value>
        <shrsOrPrnAmt>
            <sshPrnamt>79476</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>79476</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>VISA INC</nameOfIssuer>
        <titleOfClass>COM CL A</titleOfClass>
        <cusip>92826C839</cusip>
        <figi>BBG001SRCFY3</figi>
        <value>3154619</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8885</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>8885</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
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        <titleOfClass>COM CL A</titleOfClass>
        <cusip>92826C839</cusip>
        <figi>BBG001SRCFY3</figi>
        <value>13056964</value>
        <shrsOrPrnAmt>
            <sshPrnamt>36775</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>36775</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>WELLS FARGO CO NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>949746101</cusip>
        <figi>BBG001S5XF23</figi>
        <value>2624972</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32763</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>32763</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>WELLS FARGO CO NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>949746101</cusip>
        <figi>BBG001S5XF23</figi>
        <value>11423429</value>
        <shrsOrPrnAmt>
            <sshPrnamt>142579</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <otherManager>4</otherManager>
        <votingAuthority>
            <Sole>142579</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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</informationTable>
</XML>
</TEXT>
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</SEC-DOCUMENT>
