Bulletin: NatWest Edges Toward Irish Exit With Permanent TSB Sale Memorandum - S&P Global Ratings’ Credit Research

Bulletin: NatWest Edges Toward Irish Exit With Permanent TSB Sale Memorandum

Bulletin: NatWest Edges Toward Irish Exit With Permanent TSB Sale Memorandum - S&P Global Ratings’ Credit Research
Bulletin: NatWest Edges Toward Irish Exit With Permanent TSB Sale Memorandum
Published Jul 23, 2021
2 pages (1198 words) — Published Jul 23, 2021
Price Free  |  Buy this Report Now

About This Report

  
Abstract:

LONDON (S&P Global Ratings) July 23, 2021--S&P Global Ratings said today that NatWest Group plc's (BBB/Stable/A-2) nonbinding sale agreement with Permanent TSB Group Holdings plc (PTSB; BB-/Negative/B) is a meaningful step in NatWest's phased withdrawal from its underperforming Irish business. NatWest and PTSB announced today that they have agreed a nonbinding memorandum of understanding (MoU) for the sale of certain retail and small business banking assets and branches. The MoU envisages PTSB acquiring about €7.6 billion of gross performing nontracker mortgages, performing loans to micro businesses, and an asset finance portfolio, as well as 25 branch locations. PTSB disclosed that the parties aim to reach a binding agreement in the fourth quarter of 2021 and complete the transfer in the

  
Brief Excerpt:

...July 23, 2021 LONDON (S&P Global Ratings) July 23, 2021--S&P Global Ratings said today that NatWest Group plc's (###/Stable/A-2) nonbinding sale agreement with Permanent TSB Group Holdings plc (PTSB; ##-/Negative/B) is a meaningful step in NatWest's phased withdrawal from its underperforming Irish business. NatWest and PTSB announced today that they have agreed a nonbinding memorandum of understanding (MoU) for the sale of certain retail and small business banking assets and branches. The MoU envisages PTSB acquiring about 7.6 billion of gross performing nontracker mortgages, performing loans to micro businesses, and an asset finance portfolio, as well as 25 branch locations. PTSB disclosed that the parties aim to reach a binding agreement in the fourth quarter of 2021 and complete the transfer in the next 12 to 18 months, subject to regulatory and other necessary approvals. The MoU with PTSB follows NatWest's recent binding agreement with AIB Group PLC (###-/Negative/A-3) to sell about...

  
Report Type:

Bulletin

Ticker
RBS@LN
Issuer
NatWest Group PLC
GICS
Diversified Banks (40101010)
Sector
Global Issuers, Structured Finance
Country
United Kingdom
Region
United States
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: NatWest Edges Toward Irish Exit With Permanent TSB Sale Memorandum" Jul 23, 2021. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-NatWest-Edges-Toward-Irish-Exit-With-Permanent-TSB-Sale-Memorandum-2693363>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: NatWest Edges Toward Irish Exit With Permanent TSB Sale Memorandum Jul 23, 2021. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-NatWest-Edges-Toward-Irish-Exit-With-Permanent-TSB-Sale-Memorandum-2693363>
  
Free
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Residential Mortgage-Backed Securities from one place.