Ownership of lender NatWest Group PLC crossed an important threshold, as the UK government early Monday said it has reduced its stake below 50%, more than a decade after a taxpayer bailout during the financial crisis.

The Treasury said it sold 549.9 million shares back to NatWest in an off-market transaction at 220.5 pence per share, netting £1.21 billion.

NatWest shares were up 1.3% at 223.30p early Monday in London.

NatWest will cancel the share that were purchased. After this, the government’s stake, held via UK Government Investments Ltd, will be 48.1%, falling from 50.6%.

The Treasury noted that its percentage stake could rise again due to NatWest’s share buyback programme, but said any such increases will be offset by the sale of shares under the trading plan managed by Morgan Stanley.

‘UKGI and HM Treasury will continue to keep other disposal options under review so as to achieve value for money for taxpayers, including by way of accelerated bookbuilds,’ the government said.

Goldman Sachs Group Inc is acting as privatisation adviser for the Treasury.

The UK government first began building its majority stake in the bank from October 2008 during the financial crisis as it looked to inject funds into the banking system. As a result, the government ended up holding an 81% stake in the lender - called Royal Bank of Scotland Group PLC at the time - after a hefty £45.5 billion taxpayer bailout.

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