Exhibit 8.1
The principal subsidiaries of NatWest Group plc are:
| Nature of business | | Country of incorporation and principal area of operation | | 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% |
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 parent 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 2025.