NatWest posts pre-tax loss of £351m and announces exit from Ireland

SourceSkyNews
SectorFinancial Markets
CountryMiddle east

NatWest has reported a £351m loss for the year -while also announcing it will exit the Republic of Ireland.The bank will wind down its under-performing Irish arm, Ulster Bank, after a strategic review concluded it would not achieve sustainable returns. It intends to sell €4bn (£3.47bn) worth of loans to Allied Irish Banks as part of its withdrawal from the country, and it also promised to ensure job losses were minimised.NatWest's business in Northern Ireland will be unaffected.NatWest chief executive Alison Rose said: "Following an extensive review and despite the progress that has been made, it has become clear Ulster Bank will not be able to generate sustainable long-term returns for our shareholders. "As a result, we are to begin a phased withdrawal from the Republic of Ireland over the coming years which will be undertaken with careful consideration of the impact ...read more...