Director/PDMR Shareholding
Summary by AI BETAClose X
11 March 2026
NatWest Group plc
INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMRs) IN ACCORDANCE WITH ARTICLE 19 OF THE UK MARKET ABUSE REGULATION
1. NatWest Group plc (the Company) announces that conditional performance share plan awards (PSP) and deferred awards (Deferred Awards) over ordinary shares of £1.0769* each in the Company (Shares) (ISIN: GB00BM8PJY71) have been granted on 9 March 2026 under the NatWest Group plc 2024 Employee Share Plan (the Plan) to the PDMRs set out below:
|
Name of PDMR |
Position of PDMR |
Award |
Maximum no. of Shares eligible to vest
|
|
Robert Begbie |
CEO, Commercial & Institutional |
PSP |
291,380 |
|
Deferred Award |
67,066 |
||
|
Solange Chamberlain |
CEO, Retail |
PSP |
116,552 |
|
Deferred Award |
45,434 |
||
|
Emma Crystal |
CEO, Private Banking & Wealth Management |
PSP |
221,047 |
|
Deferred Award |
61,945 |
||
|
James Holian |
Chief Customer & Operations Officer |
Deferred Award |
37,783 |
|
Maria Kokkinou |
Group Chief People Officer |
Deferred Award |
38,065 |
|
Scott Marcar |
Group Chief Information Officer |
PSP |
331,570 |
|
Deferred Award |
86,142 |
||
|
Katie Murray |
Group Chief Financial Officer |
PSP |
401,787 |
|
Deferred Award |
85,561 |
||
|
Sean Pilcher |
Interim Group Chief Risk Officer |
Deferred Award |
29,185 |
|
Paul Thwaite |
Group Chief Executive Officer |
PSP |
589,287 |
|
Deferred Award |
125,489 |
The market price per Share used on the grant of the above awards was £5.9716.
A pre-vest performance assessment will take place for the PSP at the end of three years. Subject to this, the PSP will be eligible to vest between 2029 and 2030. Following vesting, Executive Director's Shares will be subject to a 12-24 month retention period.
Deferred Awards will be eligible to vest between 2026 and 2030. Shares vesting in 2026 will be subject to a 12 month retention period.
Dividend equivalents will apply to both PSP and Deferred Awards, and additional Shares will be delivered on vesting to reflect the value of dividends paid over the vesting period.
Malus provisions will apply to each award up until vesting and clawback provisions will apply for a period of seven years from the date of grant. Such period can be extended to ten years in certain circumstances.
2. The Company announces that long term incentive awards (LTI), restricted share plan awards (RSP), Deferred Awards and buy-out awards (Buy-out Awards) over Shares vested on 9 March 2026 to the PDMRs set out below. The awards were granted under the Plan between March 2019 and March 2025. The number of Shares withheld to meet associated tax liabilities arising on vesting and the number of vested Shares retained by each PDMR is set out below:
|
Name of PDMR |
Position of PDMR |
Award |
No. of Shares vested |
No. of Shares withheld to satisfy associated tax liability
|
No. of vested Shares retained |
|
Robert Begbie |
CEO, Commercial & Institutional |
LTI3
|
532,608 |
266,705 |
265,903 |
|
Deferred Award3 |
165,591 |
82,920 |
82,671 |
||
|
Solange Chamberlain |
CEO, Retail |
Deferred Award3 |
39,394 |
18,543 |
20,851 |
|
Emma Crystal |
CEO, Private Banking & Wealth Management |
Buy-out Award1 |
19,150 |
9,015 |
10,135 |
|
Deferred Award3 |
127,366 |
59,951 |
67,415 |
||
|
James Holian |
Chief Customer & Operations Officer |
Deferred Award3 |
56,631 |
26,657 |
29,974 |
|
Maria Kokkinou |
Group Chief People Officer |
Buy-out Award |
52,264 |
24,601 |
27,663 |
|
Deferred Award |
6,500 |
3,060 |
3,440 |
||
|
Scott Marcar |
Group Chief Information Officer |
Buy-out Award1 |
39,829 |
18,748 |
21,081 |
|
Deferred Award3 |
236,785 |
111,456 |
125,329 |
||
|
Katie Murray |
Group Chief Financial Officer |
LTI2
|
326,943 |
153,895 |
173,048 |
|
RSP2 |
86,291 |
40,617 |
45,674 |
||
|
Deferred Award2 |
41,785 |
19,669 |
22,116 |
||
|
Sean Pilcher |
Interim Group Chief Risk Officer |
Deferred Award3 |
23,075 |
10,862 |
12,213 |
|
Paul Thwaite |
Group Chief Executive Officer |
LTI3
|
472,786 |
222,544 |
250,242 |
|
RSP3 |
318,806 |
150,064 |
168,742 |
||
|
1. Vested Shares retained after payment of associated tax liabilities will be subject to retention periods which mirror the retention periods applicable to the PDMR's awards granted by their previous employer. 2. Vested Shares retained after payment of associated tax liabilities will be subject to a 12 month retention period. 3. Vested Shares include eligible Shares from LTI, RSP and Deferred Awards where vesting has been accelerated, in line with recent changes to the PRA and FCA remuneration rules applicable to the Company's group. |
|||||
The market price used to meet associated tax liabilities was £5.6623.
3. The Company announces that Shares were delivered to PDMRs on 9 March 2026, as set out below. The Shares delivered represent payment of a fixed share allowance for the three-month period ending 31 March 2026 and have been calculated using a share price of £5.9716.
The number of Shares delivered, the number of Shares withheld to meet associated tax liabilities and the number of Shares retained by each PDMR is as follows:
|
Name of PDMR |
Position of PDMR |
No. of Shares delivered |
No. of Shares withheld to satisfy associated tax liability |
No. of Shares retained |
|
Robert Begbie |
CEO, Commercial & Institutional |
15,176 |
7,600 |
7,576 |
|
Solange Chamberlain |
CEO, Retail |
12,141 |
5,715 |
6,426 |
|
Emma Crystal |
CEO, Private Banking & Wealth Management |
11,513 |
5,420 |
6,093 |
|
Scott Marcar |
Group Chief Information Officer |
17,270 |
8,129 |
9,141 |
|
Katie Murray |
Group Chief Financial Officer |
33,648 |
15,838 |
17,810 |
|
Paul Thwaite |
Group Chief Executive Officer |
49,350 |
23,230 |
26,120 |
The market price used to determine the number of Shares withheld to meet associated tax liabilities was £5.6623. Shares retained after payment of associated tax liabilities will be held on behalf of PDMRs and will be released in instalments over a five year period.
4. The Company announces that the PDMRs set out below have sold Shares on the date and at the price indicated under, and in accordance with the terms of, the irrevocable trading plans entered into by the PDMRs, as announced on 01 September 2025:
|
Name of PDMR |
Position of PDMR |
No. of Shares sold |
Sale price |
Date of transaction |
|
Katie Murray |
Group Chief Financial Officer |
53,000 |
£5.6209 |
09/03/2026 |
|
Paul Thwaite |
Group Chief Executive Officer |
26,000 |
£5.6209 |
09/03/2026 |
All of the above transactions took place on the London Stock Exchange (XLON).
* Note: the nominal value of ordinary shares without rounding is £1.076923076923077 per share
Legal Entity Identifier: 2138005O9XJIJN4JPN90
For further information contact:
NatWest Group Investor Relations
Claire Kane
Director of Investor Relations
+44 20 7672 1758
NatWest Group Media Relations
+44(0)131 523 4205
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