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NatWest To Exit From Ireland - Quick Facts

NatWest Group plc. (NWG NWG.L) said that it plans to begin a phased withdrawal from the Republic of Ireland over the coming years.

"Following an extensive review and despite the progress that has been made, it has become clear Ulster Bank will not be able to generate sustainable long terms returns for our shareholders," NatWest said in a statement.

However, Ulster Bank Limited's banking business in Northern Ireland is unaffected.

NatWest expects its withdrawal from the Republic of Ireland to be capital accretive over the multi-year process.

As part of the phased withdrawal, NatWest said it signed a non-binding Memorandum of Understanding with Allied Irish Banks for the sale of an about 4 billion euros portfolio of performing commercial loans, and the transfer of the colleagues wholly or mainly assigned to this loan book.

NWG noted that it is also in early discussions with Permanent TSB Group Holdings among other strategic banking counterparties about their potential interest in buying certain retail and SME assets, liabilities and operations.

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