LONDON (dpa-AFX) - 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.
Copyright RTT News/dpa-AFX
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