NatWest Group has entered into an agreement with Metro Bank to acquire a GBP 2.5 billion portfolio of prime UK residential mortgages, with a weighted average current loan to value of c.62%. On completion of the transaction NatWest Group expects to welcome around 10,000 customer accounts which will continue to be serviced by Metro Bank, in accordance with current arrangements, following the transfer to NatWest Group. NatWest Group is entering into this transaction through its subsidiary, National Westminster Bank. Completion of the transaction is conditional on a satisfactory response from the Competition & Markets Authority. Subject to this, completion is expected to occur during H2 2024.
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