Exhibit 8.1
The principal subsidiaries of NatWest Group plc are:
| Nature of business | Country of incorporation and | Group interest |
National Westminster Bank Plc (1,3) | Banking | Great Britain | 100% |
The Royal Bank of Scotland plc (3) | Banking | Great Britain | 100% |
Coutts & Company (2, 3) | Banking | Great Britain | 100% |
Ulster Bank Ireland Designated Activity Company (3) | Banking | Republic of Ireland | 100% |
NatWest Markets Plc | Banking | Great Britain | 100% |
NatWest Markets N.V. (4) | Banking | Netherlands | 100% |
The Royal Bank of Scotland International Limited (5) | Financial Institution | Jersey | 100% |
(1)The company does not hold any of the preference shares in issue.
(2)Coutts & Company is incorporated with unlimited liability.
(3)Owned via NatWest Holdings Limited.
(4)Owned via NatWest Markets Plc.
(5)Owned via The Royal Bank of Scotland International (Holdings) Limited.
The above information is provided only in relation to subsidiary companies which would be deemed to be a “significant subsidiary” in accordance with rule 1-02(w) of Regulation S-X as at 31 December 2022.