NatWest Group is reportedly reducing its operations in US and European government bond markets, according to Bloomberg. The bank has not issued a formal confirmation, and no such strategic shift appears in its regulatory filings or earnings reports as of October 8, 2026.
Despite the reports, the bank maintains significant holdings in government and SSA debt. As of June 30, 2026, its institutional arm, NatWest Markets, held primary liquidity securities valued at approximately £79.5 billion. Analysts note that maintaining liquidity reserves is distinct from market-making activities.
In August 2026, the US Federal Reserve authorized NatWest to open a representative office in Stamford, Connecticut, marking a shift from its post-2008 crisis strategy. The bank achieved full private ownership in May 2025 after the UK government sold its remaining stake.
Concurrently, NatWest is participating in the UK government's DIGIT pilot, which involves issuing the country's first digitally native gilt on a blockchain. HM Treasury appointed the bank as one of six joint lead managers for the project, with issuance scheduled for the first quarter of 2027.
