TIDMFAP
RNS Number : 7050P
Ulster Bank Ireland DAC
19 February 2021
19 February 2021
Ulster Bank Ireland DAC
Ulster Bank notes announcement by NatWest Group plc
Ulster Bank Ireland DAC ("UBIDAC") notes the announcement by
NatWest Group plc ("NWG") on 19 February which stated that NWG had
completed its strategic review of UBIDAC in the Republic of
Ireland. UBIDAC notes that NWG has concluded that it intends to
begin a phased withdrawal from the Republic of Ireland over the
coming years that will be managed in an orderly and considered
manner . Ulster Bank Limited's banking business in Northern Ireland
is unaffected.
In the near term, it is expected that there will be minimal
change for Ulster Bank customers and colleagues and our priority is
to continue to remain focussed on supporting our colleagues in
serving our customers in these difficult times.
UBIDAC notes that NWG will seek to implement a solution, or set
of solutions to ensure that:
-- our customers and colleagues are well supported;
-- there is continued servicing of all clients;
-- job losses are minimised;
-- stability is maintained in the sector; and
-- NWG's withdrawal from the Irish banking sector is achieved in an orderly manner.
UBIDAC and NWG as part of this phased withdrawal, have agreed a
non-binding Memorandum of Understanding ("MoU") with Allied Irish
Banks, plc for the sale of a c. EUR4bn portfolio of performing
commercial loans, and the transfer of colleagues wholly or mainly
assigned to this loan book.
UBIDAC notes that the potential transaction contemplated by the
MoU remains subject to due diligence, further negotiation and
agreement of final terms and definitive documentation, as well as
obtaining appropriate regulatory and other approvals and satisfying
other conditions. UBIDAC notes that the proposed sale may not be
concluded on the terms contemplated in the MoU, or at all.
UBIDAC notes that NWG is also in early discussions with
Permanent TSB Group Holdings plc amongst other strategic banking
counterparties about their potential interest in buying certain
retail and SME assets, liabilities and operations. These
discussions may or may not result in agreement. UBIDAC notes that
it is NWG's preference to continue to focus its discussions with
strategic banking counterparties who can provide customers with
full banking services in the Irish market.
UBIDAC will make a further announcement if it becomes
appropriate to do so.
This announcement is released by Ulster Bank Ireland DAC and
contains information that qualifies or may have qualified as inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 ( MAR ), encompassing information relating
to Ulster Bank Ireland DAC as described above. For the purposes of
MAR and Article 2 of Commission Implementing Regulation (EU)
2016/1055, this announcement is made by Alexander Holcroft,
Head of Investor Relations for NWG. The date and time of this announcement is 19 February 2021
For further information, please contact:
Ulster Bank Media Relations
+353 (0) 87 77 39 750
Forward-looking statements
This document contains forward-looking statements 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 UBIDAC's future economic results, business plans and
strategies. In particular, this document may include
forward-looking statements relating to UBIDAC in respect of, but
not limited to 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 impact
of the Covid-19 pandemic, future acquisitions or divestments, the
outcome of legal, regulatory and governmental actions and
investigations, legislative, political, fiscal and regulatory
developments, accounting standards, competitive conditions,
technological developments, interest and exchange rate fluctuations
and general economic and political conditions. These and other
factors, risks and uncertainties that may impact the above, and any
forward-looking statement or actual results are discussed in
UBIDAC's 2020 Annual Report and Accounts (including its Principal
Risks and Uncertainties). The forward-looking statements contained
in this document speak only as of the date of this document and
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.
Legal Entity Identifier: UBIDAC - 635400KQIMALJ4XLAD78
STG GBP5,000,000 Floating Rate Subordinated IE0004325282
Bonds
IEP GBP30,000,000 11.375% Subordinated IE0004325399
Bonds
STG GBP20,000,000 11.75% Subordinated IE0004325514
Bonds
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