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Metro Bank Completes Sale of £2.5 billion Res...
Metro Bank Completes Sale of £2.5 billion Res....
About this update from Metro Bank Holdings Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nMetro Bank Holdings PLC (MTRO)\n\n\n\n\n\n\nMetro Bank Completes Sale of £2.5 billion Residential Mortgage Portfolio to NatWest Group PLC 30-Sep-2024 / 16:30 GMT/BST\n\n\n Metro Bank Holdings PLC (LSE: MTRO LN)\n\n30 September 2024\n\n \n\n \n\nMetro Bank Holdings PLC\n\n \n\nLegal Entity Identifier: 984500CDDEAD6C2EDQ64\n\n \n\nMetro Bank Completes Sale of £2.5 billion[1] Residential Mortgage Portfolio to NatWest Group PLC\n\n \n\nFurther to Metro Bank’s announcement on 26 July 2024 regarding the sale of a portfolio of approximately £2.5[1] billion of prime residential mortgages (the “Portfolio”) to NatWest Group PLC (“NatWest”), Metro Bank confirms that the sale completed on 30 September 2024. \n\n \n\nAt completion the Portfolio had a book value of c£2.4 billion, resulting in a total cash consideration of c£2.3 billion[2], with TFSME[3] to be repaid from proceeds.\n\n \n\nThe sale of the Portfolio is in line with Metro Bank's strategy to reposition its balance sheet and enhance risk-adjusted returns on capital. The transaction is earnings, NIM and capital ratio accretive, and the sale creates additional lending capacity to enable Metro Bank to continue its asset rotation towards higher yielding commercial, corporate, SME lending and specialist mortgages. The upgraded guidance provided at H1 2024 results assumed the successful completion of the Portfolio sale, and therefore remains unchanged.\n\n \n\n[1] Cut-off as at 31-Mar-24\n\n[2] The final purchase price includes adjustments and reconciliations to reflect certain limited exclusions, costs and collections in the run up to completion of the transaction\n\n[3] Bank of England Term Funding Scheme with additional incentives for SMEs\n\n \n\nEnquiries:\n\nMetro Bank PLC Investor Relations \n\[email protected]\n\nMetro Bank Media Relations\n\nMona Patel\n\n+44 (0) 7815 506845\n\[email protected] \n\nTeneo\n\nHaya Herbert-Burns/Anthony DiNatale\n\n+44 (0)7342 031051/ +44 (0)7880 715975 \n\[email protected]\n\nAbout Metro Bank\n\nMetro Bank is celebrated for its exceptional customer experience. It was named as the best bank for service in-store for business customers in the Competition and Markets Authority’s Service Qual...