NatWest yesterday promised to return at least £3.5bn of capital to shareholders this year as it issued its final defence against competing bids from Bank of Scotland and Royal Bank of Scotland, reports the Financial Times.

If it survives NatWest will immediately launch a £1.5bn tender offer to buy back its own shares, with a further £2bn to be returned later in the year, probably through further share buybacks.
It also promised to hand back the proceeds from the sale of businesses such as Ulster Bank and Gartmore. The results lifted NatWest's shares by 48p to £12.28. RBS also rose 19p to £10.26, taking the value of its offer to £21.65bn. BoS slipped 4.5p to 631p, leaving its offer worth £21.59bn, plus a £2bn special dividend.

Royal Bank of Scotland

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