NatWest Group plc has announced its acquisition of a £2.5 billion portfolio of prime UK residential mortgages from Metro Bank plc. The transaction is expected to bring around 10,000 customer accounts to NatWest Group, which will continue to be serviced by Metro Bank following the transfer. Paul Thwaite, CEO of NatWest Group, expressed enthusiasm about the acquisition, stating that it aligns with the company's strategic priorities and will contribute to the growth of its Retail mortgage book within its existing risk appetite.

The impact of the transaction on NatWest Group's CET1 ratio at 30 June 2024 is anticipated to be a reduction of less than 10 basis points. The completion of the transaction is conditional on a satisfactory response from the Competition & Markets Authority and is expected to occur during H2 2024. NatWest Group reported a Common Equity Tier 1 (CET1) ratio of 13.6% at 30 June 2024.

The company is entering into this transaction through its subsidiary, National Westminster Bank plc. NatWest Group has a strong track record of successful integration with Metro Bank, following its previous acquisition of mortgages in 2020. For further information, investors can contact Claire Kane, Director of Investor Relations, and for media inquiries, NatWest Media Relations is available.