NatWest Group plc has announced the acquisition of a £2.5 billion portfolio of prime UK residential mortgages from Metro Bank plc. This acquisition will bring around 10,000 customer accounts to NatWest, while Metro Bank will continue to service these accounts under existing arrangements following the transfer.

Paul Thwaite, CEO of NatWest Group, commented on the transaction, stating, “Following today’s announcement, we are acquiring £2.5 billion of prime residential mortgages from Metro Bank and, as a result, look forward to welcoming around 10,000 customers to NatWest Group. This transaction is a further opportunity to accelerate the growth of our Retail mortgage book within our existing risk appetite, with attractive returns. It is in line with our strategic priorities and builds on our recent acquisition from Sainsbury’s Bank. We are focussed on a smooth transition and have a strong track record of successful integration with Metro Bank, following our previous acquisition of mortgages in 2020.”

This acquisition aligns with NatWest’s strategic goals and enhances their mortgage portfolio, reinforcing their position in the market. It will undoubtedly be mentioned at upcoming investment events in London and various property networking events in the region, providing opportunities for professionals to discuss the implications and potential collaborations.

The completion of this transaction is subject to a satisfactory response from the Competition & Markets Authority, with finalisation expected in the second half of 2024. NatWest Group’s CET1 ratio impact is minimal, equating to a reduction of less than 10 basis points from their reported 13.6% ratio as of 30 June 2024.

This development will be a focal point at property investment and business investment events in London, where attendees can gain insights on how to meet property professionals and learn effective networking tips for property and construction sectors. These gatherings will also address topics such as “how to win construction contracts” and “how to contact property investors,” crucial for those looking to navigate the industry successfully.

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