(Alliance News) - NatWest Group PLC on Tuesday announced the transfer of a major part of Northern Ireland business Ulster Bank Ltd to National Westminster Bank PLC has been completed, with effect on Monday.
In November 2020, the Edinburgh-based lender first announced the transfer, on the grounds that it would "help to simplify the governance processes of NatWest Group and reduce associated costs which supports NatWest Group's overall objectives."
In February 2021, the group had agreed to sell a EUR4 billion Ulster Bank portfolio of performing commercial loans to Dublin-based AIB Group PLC, and confirmed talks with Permanent TSB Group Holdings PLC and other bank for a the potential sale of other retail and small and medium enterprise assets.
Shares in NatWest were up 1.2% at 198.90 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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