(Bloomberg) -- The UK government is no longer considered a controlling shareholder in NatWest Group Plc as it continues to hasten its exit from the lender it rescued in the financial crisis. 

The government’s stake has dropped to 29.8% after it recently disposed of more shares, according to a filing on Monday. Under the country’s listing rules, dropping below the 30% level means an investor is no longer considered a controlling shareholder. 

The government has been rapidly winding down its stake in NatWest through a series of open market sales in recent months. The bank also repurchased £1.3 billion worth of the shares through a directed buyback in May and last week asked shareholders to approve a plan that would allow it to buy back its stock from the UK government even more quickly as long as regulators simplify the country’s listing rules as they plan to do. 

Read more: UK Seen Exiting NatWest Stake More Rapidly With New Listing Rule

Officials are also weighing selling shares it holds in the bank to retail investors as it seeks to offload the entire stake by 2026. 

“We welcome the government’s continued commitment to returning NatWest Group to private ownership” a spokesperson for the bank said in an emailed statement. “With the government shareholding now below 30%, we have been pleased with the recent momentum to achieving this shared ambition.”

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