Her Majesty’s Treasury has hired creative agency M&C Saatchi to help promote the public sale of NatWest shares as the government looks to divest its one-third share in the bank.
Campaign reports that the London agency secured the account following a two-way competitive shootout with MullenLowe in a process overseen by the Crown Commercial Service.
The state originally acquired these holdings when it bailed out the high street bank during the 2008 financial crisis, pumping £45 billion pounds into the ailing firm and gaining an 84% stake in the process.
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Chancellor Jeremy Hunt commented on the sale of NatWest shares when delivering his spring budget last week, saying: “We will proceed with a retail sale for part of the government’s remaining NatWest shares this summer at the earliest opportunity, subject to supportive market conditions and value for money.”
The government was able to sell a significant majority of its shares in May last year, reducing its overall stake to 38.5% – although this was restricted to financial institutions. Estimates suggest that the government’s remaining shares could be worth around £6.7 billion.
M&C Saatchi group CEO, Marcus Peffers added: “We are thrilled to be using the full range of communications tools and techniques to help the chancellor develop opportunities for a new generation of investors.
“This is a complex area where Brutal Simplicity of Thought will have a major impact.”
