NatWest has fully returned to private ownership following the UK Treasury's exit, removing a long-standing share overhang. Net interest margin remains supported by structural hedge roll-on and a deposit franchise dominated by transactional balances. UK SME lending exposure positions the bank for cyclical recovery as BoE eases rates. Strong capital return policy (40-50% payout) and improving cost-to-income ratio under CEO Paul Thwaite drive consistent compounding.
Thesis reviewed May 29, 2026
NatWest Group PLC is headquartered in United Kingdom, which is currently showing moderate signals.
🇬🇧United Kingdom52NEUTRALView United Kingdom risk detail →🏦Financials100NEUTRAL| Ticker | Company | Score | Gap | Signal Δ | Action |
|---|---|---|---|---|---|
| BAC | Bank of America Corporation | 90 | +8% | ↓86% | NEUTRAL |
| SAN | Banco Santander SA | 90 | +16% | ↓86% | ENTRY |
| AIG | American International Group, Inc. | 90 | +3% | ↓86% | NEUTRAL |
| IBN | ICICI Bank Limited | 90 | +11% | ↓86% | ENTRY |
| MCO | Moody's Corporation | 90 | +18% | ↓86% | ENTRY |
| AXP | American Express Company | 90 | +6% | ↓86% | ENTRY |
| USB | U.S. Bancorp | 90 | +10% | ↓86% | ENTRY |
Investors who hold NWG may also have indirect exposure through these country funds.
UK Treasury completes final NatWest share sale at 425p
NatWest raises 2026 NIM guidance on hedge tailwinds
Estimates · Yahoo Finance · Not audited figures