(RTTNews) - NatWest Group (NWG.L) and Ulster Bank Ireland DAC have now entered into a legally binding agreement with Permanent TSB plc in relation to the 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 parties had entered into a non-binding Memorandum of Understanding in July 2021. Ulster Bank Ireland DAC now has binding agreements in place for around 58% of its total gross lending portfolio.
On completion, NatWest Group will receive newly issued ordinary shares equivalent to a non-consolidating equity stake of 16.66% of the enlarged share capital of Permanent TSB plc. It is estimated that a loss on disposal will be recognised by Ulster Bank Ireland DAC upon completion.
NatWest Group CEO Alison Rose said: "Today's announcement is a key milestone in our phased withdrawal from the Republic of Ireland."
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