Form 6-K NatWest Group plc For: Jul 23
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For 23
July, 2021
Commission
File Number: 001-10306
NatWest
Group plc
RBS,
Gogarburn, PO Box 1000
Edinburgh
EH12 1HQ
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F X Form 40-F
___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(1):_________
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(7):_________
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes ___
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
________
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The following information was issued as Company announcements
in London, England and is furnished pursuant to General Instruction
B to the General Instructions to Form
6-K:
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23 July 2021
NatWest Group plc
NatWest Group Progress on Phased Withdrawal from Republic of
Ireland: Non-Binding MOU Agreed with PTSB
As part of the phased withdrawal from the Republic of Ireland
announced on 19 February 2021, NatWest Group plc and Ulster Bank in
the Republic of Ireland ("UBIDAC") have today entered into a
non-binding Memorandum of Understanding ("MOU") with Permanent TSB
("PTSB") 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 approximately €7.6bn 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 €16.1bn
at 31 March 2021. The TUPE principle will apply to colleagues
wholly or mainly assigned to the agreed in-scope perimeter and we
expect the number of colleagues that will transfer as part of the
transaction to be in the range of 400-500.
There is no immediate change for UBIDAC customers and colleagues at
this time.
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.
The potential sale contemplated by the MoU remains subject to due
diligence, further negotiation and agreement of final terms and
definitive documentation, as well as obtaining regulatory and other
approvals and satisfying other conditions. The proposed sale may
not be concluded on the terms contemplated in the MoU, or at
all.
NatWest Group CEO Alison Rose said:
"In line with our strategy of a phased withdrawal from the Republic
of Ireland, I am pleased that we are today announcing a significant
update in the form of this non-binding memorandum of understanding
with Permanent TSB. This
builds on the recently announced sale of the majority of Ulster
Bank's performing commercial banking business to Allied Irish
Bank. Our
focus remains on supporting our customers and colleagues as we
continue our withdrawal from the Republic of
Ireland."
For further information, please contact:
Investor Relations
Alexander Holcroft
Head of Investor Relations
+44 (0) 20 7672 1758
NWG Media Relations
+44 (0) 131 523 4205
Ulster Bank Media Relations
+353 87 7739 750
Forward-looking statements
This document contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995, such as statements that include, without limitation,
the words 'expect', 'estimate', 'project', 'anticipate', 'commit',
'believe', 'should', 'intend', 'will', 'plan', 'could',
'probability', 'risk' 'target', 'goal', 'objective', 'may',
'endeavour', 'outlook', 'optimistic', 'prospects' and similar
expressions or variations on these expressions. These statements
concern or may affect future matters, such as NWG or UBIDAC's
future economic results, business plans and strategies. In
particular, this document may include forward-looking statements
relating to NWG and/or UBIDAC in respect of, but not limited to:
NWG's phased withdrawal from the Republic of Ireland and any
agreements relating thereto, and NWG and/or UBIDAC's future
economic results, business plans and strategies. Forward-looking
statements are subject to a number of risks and uncertainties that
might cause actual results and performance to differ materially
from any expected future results or performance expressed or
implied by the forward-looking statements. Factors that could cause
or contribute to differences in current expectations include, but
are not limited to, the impact of the Covid-19 pandemic, future
acquisitions or divestments, the outcome of legal, regulatory and
governmental actions and investigations, the level and extent of
future impairments and write-downs (including with respect to
goodwill), legislative, political, fiscal and regulatory
developments, accounting standards, competitive conditions,
technological developments, interest and exchange rate
fluctuations, general economic and political conditions and the
impact of climate related risks and the transitioning to a low
carbon economy. These and other factors, risks and uncertainties
that may impact the above, and any forward-looking statement or
actual results are discussed in NWG's UK 2020 Annual Report and
Accounts (ARA) (see Risk Factors in the ARA, including the risk
factor entitled 'NatWest Group is currently implementing its
Purpose-led Strategy, which carries significant execution and
operational risks and may not achieve its stated aims and targeted
outcomes'), UBIDAC's 2020 Annual Report and Accounts (including its
Principal Risks and Uncertainties) and NWG's filings with the US
Securities and Exchange Commission, including, but not limited to,
NWG's most recent Annual Report on Form 20-F and Reports on Form
6-K. The forward-looking statements contained in this document
speak only as of the date of this document and NWG and UBIDAC do
not assume or undertake any obligation or responsibility to update
any of the forward-looking statements contained in this document,
whether as a result of new information, future events or otherwise,
except to the extent legally required.
Legal Entity Identifier: NatWest Group plc - 2138005O9XJIJN4JPN90,
UBIDAC - 635400KQIMALJ4XLAD78
Date: 23
July 2021
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NATWEST
GROUP plc (Registrant)
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By: /s/
Jan Cargill
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Name:
Jan Cargill
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Title:
Chief Governance Officer and Company Secretary
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