NatWest Agrees Non-binding MoU With PTSB For Proposed Sale Of Perimeter

NatWest Group plc (NWG, NWG.L), on Friday, announced that the company and Ulster Bank in the Republic of Ireland or UBIDAC have entered into a non-binding Memorandum of Understanding or MOU with Permanent TSB for the proposed sale of a perimeter comprising performing non-tracker mortgages, performing micro-SME loans, UBIDAC's asset finance business and a subset of its branch locations.

The proposed perimeter included about €7.6 billion of gross performing loans as at 31 March 2021, the majority relating to non-tracker mortgages, and 25 branch locations. UBIDAC had total retail, micro-SME and asset finance gross lending of €16.1 billion at 31 March 2021.

The company noted that TUPE principle would apply to colleagues wholly or mainly assigned to the agreed in-scope perimeter and we expect the number of colleagues that would transfer as part of the transaction to be in the range of 400-500.

As part of the consideration for the proposed transaction, it is proposed that NatWest Group would receive a minority non-consolidating equity stake in PTSB.

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