6-K 1 a2702w000.htm DIRECTOR/PDMR SHAREHOLDING a2702w000
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
March, 2026
 
Commission File Number 001-10306
 
NatWest Group plc
 
250 Bishopsgate,
London, EC2M 4AA
United Kingdom
(Address of principal executive offices)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
 
Form 20-F ☒
 
Form 40-F ☐
 
 
 
 
 
The following information was issued as Company announcements in London, England and is furnished pursuant to General Instruction B to the General Instructions to Form 6-K:
 
 
 
 
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
 
 
 
 
 
SIGNATURE
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
 
 
 
NatWest Group plc
(Registrant)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Date:
11 March 2026
 
 
By:
/s/ Mark Stevens
 
 
 
 
 
 
 
 
 
 
 
 
Name:
Mark Stevens
 
 
 
 
 
Title:
Assistant Secretary