Metro Bank Sells $3B Residential Mortgage Portfolio to NatWest
Metro Bank transfers its residential mortgage portfolio to NatWest for $3 billion, reshaping the UK banking landscape. Discover the details.
In a significant financial maneuver, Metro Bank of Britain has announced the divestiture of its prime residential mortgage portfolio to NatWest Group for a sum reaching up to £2.4 billion (approximately $3.1 billion) in cash, as disclosed on Friday. This transaction is poised to diminish Metro's risk-weighted assets by around £824 million, thereby enhancing the British lender's Common Equity Tier 1 (CET1) ratio by an estimated five basis points, according to the bank's official statement.
Metro Bank, which emerged in the aftermath of the global financial crisis with the intent to disrupt the prevailing dominance of the UK's major banking institutions, found itself in a precarious position last year, culminating in a £925 million rescue package. In response, the bank has undertaken a series of cost-cutting measures aimed at stabilizing its financial standing. The recent sale of the mortgage portfolio aligns with Metro Bank's strategic objective to "reposition its balance sheet and enhance risk-adjusted returns on capital." Nonetheless, it is noteworthy that the mortgage book in question was established during a period of lower interest rates, resulting in an anticipated loss of £105 million upon the completion of the sale.
Metro Bank Sells $3B Residential Mortgage Portfolio to NatWest
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