<SEC-DOCUMENT>0001654954-22-013934.txt : 20221020
<SEC-HEADER>0001654954-22-013934.hdr.sgml : 20221020
<ACCEPTANCE-DATETIME>20221020080452
ACCESSION NUMBER:		0001654954-22-013934
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20221020
FILED AS OF DATE:		20221020
DATE AS OF CHANGE:		20221020

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:		221319793

	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>a5470d.htm
<DESCRIPTION>NATWEST AND VODENO CREATE STRATEGIC PARTNERSHIP
<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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of the Securities Exchange Act of 1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">For
October 20, 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">&#xA0;</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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20-F <font style="text-decoration: underline">X</font> Form 40-F
___</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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B to the General Instructions to Form
6-K:</font>&#xA0;</font></div>
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20 October 2022</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
NatWest and Vodeno Create Strategic Partnership</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
NatWest Group plc and the Vodeno Group enter into a Strategic
Partnership to Create Banking-as-a-Service Business</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">
NatWest Group plc ("NatWest Group") has entered into a strategic
partnership with the</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="color: #000000">Vodeno
Group (comprising of Vodeno Limited and its subsidiaries) which
will see the creation of a Banking-as-a-Service ("BaaS") business
in the UK. This strategic partnership will enable businesses to
embed financial services products such as payments, deposits,
point-of-sale credit and merchant cash advances directly in their
ecosystem by leveraging the Vodeno Group's BaaS technology, and
NatWest Group's banking technology and UK banking
licenses.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; 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-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Vodeno Group is a</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="color: #000000">European
BaaS provider</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="color: #000000">which
combines the Poland-based Vodeno Sp Z.o.o</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="color: #000000">("Vodeno
TechCo"), a software company providing its API-based technology
platform and the Belgium-based Aion Bank, which has a banking
license covering a range of banking products, including loans,
deposits and access to EEA payment systems</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">.</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="color: #000000">Vodeno
Group is majority owned by Warburg Pincus.</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font></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="color: #000000; font-family: Times New Roman; font-size: 13px">
Under the terms of the agreements, a new UK based entity will
combine the Vodeno Group's technological and operational
capabilities and its cloud platform with NatWest Group's banking
technology and expertise, building on NatWest Group's position as a
leading supporter of UK business. Through its business banking app
Mettle, NatWest Group has built a standalone core banking and
payments capability, Vodeno's Group's platform will provide a
channel for delivering these capabilities to BaaS clients in the
UK.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</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">
The new UK entity will be 82% majority owned and consolidated by
National</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="color: #000000">Westminster
Bank Plc, with Vodeno TechCo holding the remaining minority
interest. NatWest Group will additionally take a minority interest
(initially a 9.9% holding, increasing to 18% subject to certain
conditions and approvals being met) in Vodeno Limited, which owns
100% of Vodeno TechCo and Aion Bank.&#xA0;</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</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="color: #000000; font-family: Times New Roman; font-size: 13px">
NatWest Group Chief Executive Alison Rose said:&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</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">
"As a leading supporter of UK business, we are committed to
investing in digital transformation to provide a simpler and better
banking experience for our customers. By entering
into&#xA0;</font><font style="color: #000000; background-color: #FFFFFF">this</font><font style="color: #000000">&#xA0;strategic partnership with Vodeno Group we
will be able to meet the evolving needs of our business customers
as they look to embed financial products in their own propositions
and journeys."</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</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="color: #000000; font-family: Times New Roman; font-size: 13px">
"This strategic partnership presents a strong potential source of
fee income in a growing market, and an opportunity to deliver
sustainable growth by building deeper relationships with our
corporate customers. It also complements our existing investment in
the development of business banking technology within our Mettle
business."</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</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="color: #000000; font-family: Times New Roman; font-size: 13px">
Wojciech Sobieraj, CEO of Vodeno Sp Z.o.o added:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</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="color: #000000; font-family: Times New Roman; font-size: 13px">
"Consumers require high quality and accessible banking products
that are end-to-end digital, and Banking-as-a-Service is making
this possible. Our fully API-based platform offers a comprehensive
suite of BaaS products that enable brands to 'embed' financial
services directly into their ecosystems to create seamless customer
journeys. We are excited to combine our technology with NatWest
Group to offer the next generation of financial
services."</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="color: #000000; font-family: Times New Roman; font-size: 13px">
Completion of the arrangements is subject to satisfying various
conditions, including licensing, servicing and other documentation,
and obtaining regulatory approvals (including the UK Financial
Conduct Authority and National Bank of Belgium / European Central
Bank).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
NatWest is committed to make in total i) a capped commitment of
c.&#xA3;115m, to enable the establishment of the new UK entity; and
ii) a &#x20AC;58m investment in Vodeno Group to acquire an 18%
minority stake, investment in each case subject to certain
conditions and approvals being met.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; 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: #000000; font-family: Times New Roman; font-size: 13px">
ENDS</font></div>
<div style="text-align: left; 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 style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Banking-as-a-Service</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Banking-as-a-Service provides corporates and financial institutions
with complete end-to-end banking solutions, allowing them to embed
and sell white labelled financial products underpinned by a bank's
secure and regulated infrastructure combined with a modern
API-driven platform.</font></div>
<div style="text-align: left; 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 style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
About Vodeno and Aion Bank</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">
Vodeno Sp Z.o.o</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="color: #000000">and
Aion Bank have combined a modern cloud-native '360' platform
ecosystem, an EU banking license and a team of banking experts to
offer comprehensive embedded financial services for banks, lenders
and merchants across multiple sectors. From 'smart contract
enabled' core banking to accounts, onboarding, payments, cards,
investment and lending solutions, Vodeno Sp
Z.o.o</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="color: #000000">and
Aion Bank aim to offer the ability to meet the demands of
regulation while enabling innovation at speed.</font></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;</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="color: #000000; font-family: Times New Roman; font-size: 13px">
For further information, please contact:</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: 16px">
&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Investor Relations</font></div>
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Alexander Holcroft</font></div>
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Head of Investor Relations</font></div>
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+44 (0) 20 7672 1758</font></div>
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NWG Media Relations</font></div>
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+44 (0) 131 523 4205</font></div>
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Forward-looking statements</font></div>
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This document may include 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', 'Value-at-Risk (VaR)', '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 NatWest Group's future economic results, business plans and
strategies.</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; font-size: 13px">In
particular, this document includes expectations regarding the fee
income potential of the BaaS business and the amount of NatWest
Group investment in Vodeno Group and may include forward-looking
statements relating to NatWest Group plc in respect of, but not
limited to: its economic and political risks, its regulatory
capital position and related requirements, its financial position,
profitability and financial performance (including financial,
capital, cost savings and operational targets), the implementation
of its purpose-led strategy, its environmental, social, governance
and climate related targets, its access to adequate sources of
liquidity and funding, increasing competition from new incumbents
and disruptive technologies, the impact of the Covid-19 pandemic,
its exposure to third party risks, its ongoing compliance with the
UK ring-fencing regime and ensuring operational continuity in
resolution, its impairment losses and credit exposures under
certain specified scenarios, substantial regulation and oversight,
ongoing legal, regulatory and governmental actions and
investigations, the transition of LIBOR and IBOR rates to
alternative risk free rates and NatWest Group's exposure to
operational risk, conduct risk, cyber, data and IT risk, financial
crime risk, key person risk and credit rating risk. 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, future growth initiatives (including
acquisitions, joint ventures and strategic partnerships), 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, the impact of climate-related risks and the
transitioning to a net zero economy and the impact of the Covid-19
pandemic. These and other factors, risks and uncertainties that may
impact any forward-looking statement or NatWest Group plc's actual
results are discussed in NatWest Group plc's UK 2021 Annual Report
and Accounts (ARA), NatWest Group plc's Interim Results for Q1 2022
and H1 2022 and NatWest Group plc's filings with the US Securities
and Exchange Commission, including, but not limited to, NatWest
Group plc'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 NatWest Group plc
does 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></font></div>
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Legal Entity Identifier:</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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Westminster Bank Plc</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Date:&#xA0;20
October 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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