Business
Sale of performing tracker mortgage portfolio
Sale of performing tracker mortgage portfolio.
About this update from Natwest Group Plc
[{"type":"text","content":"\n \n \n 1 June 2022\n \n \n NatWest Group plc\n \n \n \n NatWest Group's Phased Withdrawal from the Republic of Ireland: Ulster Bank Ireland DAC announces signing of Legally Binding Agreement to sell its performing tracker and linked mortgage portfolio to Allied Irish Banks, p.l.c.\n \n \n \n As part of the phased withdrawal from the Republic of Ireland, NatWest Group (\"NWG\") and Ulster Bank Ireland DAC (\"UBIDAC\") have entered into a legally binding agreement to sell a c.€6bn performing tracker and linked mortgage portfolio to Allied Irish Banks, p.l.c. (a subsidiary of AIB Group p.l.c.) (\"AIB\"). Credit\n risk-weighted assets in relation to this portfolio were c.€2.3bn as at 31 March 20221.\n \n \n Completion of this sale,\n which remains subject to obtaining any relevant regulatory approvals and satisfying the conditions of the legally binding agreement,\n is expected to occur in Q2 2023. \n \n \n UBIDAC now has binding agreements2 in place for c.90% of its total gross customer lending portfolio and c.75% of credit RWA as at 31 March 2022.\n \n \n The indicative pricing of this sale is in line with expectations and our previous guidance of\n €\n 300m disposal losses relating to the withdrawal from the Republic of Ireland, however the exact timing depends on the final terms and timing of the completion of the transactions.\n \n \n The phased withdrawal continues to be expected to be capital accretive to NWG.\n \n \n NWG CEO Alison Rose said: \n \n \n \"\n Today's announcement is another key milestone in our phased withdrawal from the\n \n Republic of Ireland. Our priority remains to support our customers and colleagues through this transition and we will be working closely with AIB to ensure the successful completion of this transaction.\"\n \n \n NWG and UBIDAC will provide further information at the appropriate time.\n \n \n \n \n \n \n \n \n For further information, please contact:\n \n \n Investor Relations\n \n \n Alexander Holcroft\n \n \n Head of Investor Relations\n \n \n +44 (0) 20 7672 1758\n \n \n \n \n \n NWG Media Relations\n \n \n +44 (0) 131 523 4205\n \n \n \n \n \n Ulster Bank Media Relations\n \n \n +353 87 7739 750\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1. Risk weighted assets are based on internal ...