12th Nov 2020 17:59
(Alliance News) - NatWest Group PLC on Thursday said it plans to simplify its Northern Ireland business by transferring the major part of Ulster Bank Ltd to National Westminster Bank PLC.
A major part of the banking business of Ulster, which is incorporated and operated in Norther Ireland, will be transferred to National Westminster Bank.
NatWest explained that: "This proposed transfer will help to simplify the governance processes of NatWest Group and reduce associated costs which supports NatWest Group's overall objectives."
Ulster will effect a banking business transfer via a legal scheme called a Business Banking Transfer Scheme and an application has been issued in the High Court of Justice in Northern Ireland.
A first hearing has already been held on Thursday with a hearing to approve the scheme expected March 2021. If approved, the transfer scheme will take effect in May 2021.
Implementation of the scheme is subject to court and regulatory approvals, as well as "other matters".
Shares in NatWest closed 1.5% lower at 143.80 pence in London before the simplification was announced.
By Anna Farley; [email protected]
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