<SEC-DOCUMENT>0001654954-22-007790.txt : 20220601
<SEC-HEADER>0001654954-22-007790.hdr.sgml : 20220601
<ACCEPTANCE-DATETIME>20220601133005
ACCESSION NUMBER:		0001654954-22-007790
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220601
FILED AS OF DATE:		20220601
DATE AS OF CHANGE:		20220601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NatWest Group plc
		CENTRAL INDEX KEY:			0000844150
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10306
		FILM NUMBER:		22986820

	BUSINESS ADDRESS:	
		STREET 1:		GOGARBURN
		STREET 2:		PO BOX 1000
		CITY:			EDINBURGH, SCOTLAND
		STATE:			X0
		ZIP:			EH12 1HQ
		BUSINESS PHONE:		441315568555

	MAIL ADDRESS:	
		STREET 1:		GOGARBURN
		STREET 2:		PO BOX 1000
		CITY:			EDINBURGH, SCOTLAND
		STATE:			X0
		ZIP:			EH12 1HQ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYAL BANK OF SCOTLAND GROUP PLC
		DATE OF NAME CHANGE:	19950712
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a6515n.htm
<DESCRIPTION>SALE OF PERFORMING TRACKER MORTGAGE PORTFOLIO
<TEXT>
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FORM 6-K</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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Washington D.C. 20549</font></div>
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Pursuant to Rule 13a-16 or 15d-16</font></div>
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of the Securities Exchange Act of 1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">For
June 01, 2022</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Commission
File Number: 001-10306</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">NatWest
Group plc</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">RBS,
Gogarburn, PO Box 1000</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Edinburgh
EH12 1HQ</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Address
of principal executive offices)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;Form
20-F <font style="text-decoration: underline">X</font> Form 40-F
___</font></div>
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as permitted by Regulation S-T Rule
101(b)(1):_________</font></div>
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by check mark if the registrant is submitting the Form 6-K in paper
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101(b)(7):_________</font></div>
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to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.</font></div>
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The following information was issued as&#xA0;Company announcements
in London, England and is furnished pursuant to General Instruction
B to the General Instructions to Form
6-K:</font>&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1 June 2022</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
NatWest Group plc</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
NatWest Group's Phased Withdrawal from the Republic of
Ireland:&#xA0; Ulster Bank Ireland DAC announces signing of Legally
Binding Agreement to sell its performing tracker and linked
mortgage portfolio to Allied Irish Banks, p.l.c.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">
As part of the phased withdrawal from the Republic of Ireland,
NatWest Group ("NWG") and Ulster Bank Ireland DAC ("UBIDAC") have
entered into a legally binding agreement to sell a c.&#x20AC;6bn
performing tracker and linked mortgage portfolio to Allied Irish
Banks, p.l.c. (a subsidiary of AIB Group p.l.c.) ("AIB").&#xA0;
Credit</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">risk-weighted assets in relation
to this portfolio were c.&#x20AC;2.3bn as at 31 March
2022</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font><font style="color: #000000; font-size: 13px">.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">
Completion of this sale,</font><font style="color: #000000">&#xA0;</font><font style="color: #212721; font-size: 13px">which remains subject to
obtaining any relevant regulatory approvals and satisfying the
conditions of the legally binding agreement,</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">is expected to occur in Q2 2023.
&#xA0;</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">
UBIDAC now has binding agreements</font><font style="font-size: 70%; vertical-align: top; color: #000000">2</font><font style="color: #000000; font-size: 13px">&#xA0;in
place for c.90% of its total gross customer lending portfolio and
c.75% of credit RWA as at 31 March 2022.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">
The indicative pricing of this sale is in line with expectations
and our previous guidance of</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">&#x20AC;</font><font style="font-size: 13px">300m disposal losses relating to the withdrawal
from the Republic of Ireland, however the exact timing depends on
the final terms and timing of the completion of the
transactions.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The phased withdrawal continues to be expected to be capital
accretive to NWG.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
NWG CEO Alison Rose
said:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
"</font><font style="color: #212721">Today's announcement is
another key milestone in our phased withdrawal from
the</font><font style="color: #212721; font-family: Times New Roman">&#xA0;</font><font style="color: #212721">Republic
of Ireland. Our priority remains to support our customers and
colleagues through this transition and we will be working closely
with AIB to ensure the successful completion of this
transaction."</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 14px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">NWG and
UBIDAC will provide further information at the appropriate
time.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
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<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
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<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
For further information, please contact:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #333333; font-family: Times New Roman; font-size: 13px">
Investor Relations</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
Alexander Holcroft</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
Head of Investor Relations</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
+44 (0) 20 7672 1758</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<font style="font-weight: bold; color: #333333; font-family: Times New Roman; font-size: 13px">
NWG Media Relations</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
+44 (0) 131 523 4205</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #333333; font-family: Times New Roman; font-size: 13px">
Ulster Bank Media Relations</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
+353 87 7739 750</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
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<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1.&#xA0;&#xA0;&#xA0;&#xA0;
Risk weighted assets are based on internal estimates and may differ
from what AIB recognise following transfer of assets.</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">2.&#xA0;&#xA0;&#xA0;&#xA0;</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">On
19 February 2021 Natwest announced its intention to begin a phased
withdrawal from the Republic of Ireland. During 2021, Natwest Group
announced binding agreements with Allied Irish Banks p.l.c. (28
June 2021</font><font style="color: #000000">&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">https://otp.tools.investis.com/clients/uk/rbs3/rns/regulatory-story.aspx?cid=365&amp;newsid=1487116</font><font style="color: #000000; font-size: 13px">)
and with Permanent TSB p.l.c. (17 December 2021</font><font style="color: #000000">&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">https://otp.tools.investis.com/clients/uk/rbs3/rns/regulatory-story.aspx?cid=365&amp;newsid=1537175</font><font style="color: #000000; font-size: 13px">)
for the proposed sale of performing loans and a subset of
branches.</font></font></div>
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Forward-looking
statements&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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 (including estimated risk weighted assets,
losses on disposal and withdrawal costs), 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 actual timing of
the completion of the relevant sale, movements in the loan balances
before completion of the relevant acquisition and the continued
application of the going concern assumption to UBIDAC, 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 2021 Annual Report and
Accounts (ARA) (see Risk Factors in the ARA, including the risk
factor entitled 'NatWest Group continues to implement its
Purpose-led Strategy, which carries significant execution and
operational risks and may not achieve its stated aims and targeted
outcomes'), UBIDAC's 2021 Annual Report and Accounts (including the
sections entitled: "Principal risks and uncertainties,"" Material
Uncertainty related to going concern" and "Going Concern" ) 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.</font></div>
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Legal Entity Identifier: NatWest Group plc - 2138005O9XJIJN4JPN90,
UBIDAC - 635400KQIMALJ4XLAD78</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Date:&#xA0;01
June 2022</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">NATWEST
GROUP plc (Registrant)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">By: /s/
Jan Cargill</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Name:
Jan Cargill</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Title:
Chief Governance Officer and Company Secretary</font></div>
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