RBS - NatWest Group plans to withdraw from Ireland phasing down Ulster Bank unit

NatWest Group (RBS) will begin a phased withdrawal from the Republic of Ireland after concluding that its Ulster Bank unit isn't able to achieve an acceptable level of returns.Ulster Bank Limited's banking business in Northern Ireland is unaffected.As part of the withdrawal plan, NatWest has entered a non-binding MOU with Allied Irish Banks for the potential sale of a ~€4B portfolio of performing commercial loans.The company is also in early talks with Permanent TSB Group Holdings, among other banking counterparties, about their potential interest in buying certain retail and SME assets, liabilities and operations. Such discussions may or may not result in an agreement."Our preference is to continue to focus on discussions with counterparties who can provide customers with full banking services in the Irish market, NatWest said in a statement.

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NatWest Group plans to withdraw from Ireland, phasing down Ulster Bank unit