Metro Bank Holdings PLC (LSE: MTRO
LN)
30 September 2024
Metro Bank
Holdings PLC
Legal Entity
Identifier: 984500CDDEAD6C2EDQ64
Metro
Bank Completes Sale of £2.5 billion[1]
Residential
Mortgage Portfolio to NatWest Group PLC
Further to Metro Bank’s
announcement on 26 July 2024 regarding the sale of a portfolio of
approximately £2.5[1]
billion of prime
residential mortgages (the “Portfolio”) to NatWest Group PLC
(“NatWest”), Metro Bank confirms that the sale completed on 30
September 2024.
At completion
the Portfolio had a
book value of c£2.4 billion, resulting in a total cash
consideration of c£2.3 billion[2],
with TFSME[3]
to be repaid from
proceeds.
The sale of the
Portfolio is in line with Metro Bank's strategy to reposition its
balance sheet and enhance risk-adjusted returns on capital. The
transaction is earnings, NIM and capital ratio accretive, and the
sale creates additional lending capacity to enable Metro Bank to
continue its asset rotation towards higher yielding commercial,
corporate, SME lending and specialist mortgages. The upgraded
guidance provided at H1 2024 results assumed the successful
completion of the Portfolio sale, and therefore remains
unchanged.
[1] Cut-off as
at 31-Mar-24
[2] The final purchase
price includes adjustments and reconciliations to reflect certain
limited exclusions, costs and collections in the run up to
completion of the transaction
[3] Bank of England Term
Funding Scheme with additional incentives for SMEs
Enquiries:
Metro Bank PLC Investor Relations
IR@metrobank.plc.uk
Metro Bank Media Relations
Mona Patel
+44 (0) 7815
506845
pressoffice@metrobank.plc.uk
Teneo
Haya Herbert-Burns/Anthony
DiNatale
+44 (0)7342 031051/ +44 (0)7880
715975
metrobank@teneo.com
About Metro Bank
Metro Bank is
celebrated for its exceptional customer experience. It was named as
the best bank for service in-store for business customers in the
Competition and Markets Authority’s Service Quality Survey in
August 2024.
Since 2012, Metro Bank
has originated and approved just over £10bn in commercial
lending.
The community bank
offers retail, business, commercial and private banking services,
and prides itself on giving customers the choice to bank however,
whenever and wherever they choose, and supporting the customers and
communities it serves. Whether that’s through its network of 75
stores; on the phone through its UK-based contact centres; or
online through its internet banking or award-winning mobile app,
the bank offers customers real choice.
Metro Bank is a multi
award winning organisation. The Bank has also been
awarded “Large Loans Mortgage Lender of the Year”, 2024 and
2023 Mortgage Awards,
accredited as a top ten Most Loved Workplace 2023, “2023
Best Lender of the Year – UK” in the M&A Today, Global
Awards, the “Inclusive
Culture Initiative Award” in the 2023 Inclusive Awards,
“Diversity, Equity & Inclusion Award” and “Leader of the
Year Award 2023” at the Top 1% Workplace Awards, “Best Women Mortgage
Leaders in the UK” from Elite Women 2023, “Diversity Lead of the
Year”, 2023 Women in Finance, Best Large Loan Lender, 2023
Mortgage Strategy Awards, “Best Business Credit Card”,
Forbes Advisor Best of 2023 Awards, “Best Business Credit Card”, 2023
Moneynet Personal Finance Awards.
Metro Bank Holdings PLC
(registered in England and Wales with company number 14387040,
registered office: One Southampton Row, London, WC1B 5HA) is the
listed entity and holding company of Metro Bank PLC.
Metro Bank PLC
(registered in England and Wales with company number 6419578,
registered office: One Southampton Row, London, WC1B 5HA) is
authorised by the Prudential Regulation Authority and regulated by
the Financial Conduct Authority and Prudential Regulation
Authority. ‘Metrobank’ is a registered trademark of Metro Bank
PLC.
Eligible deposits
are protected by the Financial Services Compensation Scheme. For
further information about the Scheme refer to the FSCS
website www.fscs.org.uk. All Metro Bank
products are subject to status and approval.
Metro Bank is an
independent UK bank – it is not affiliated with any other bank or
organisation (including the METRO newspaper or its publishers)
anywhere in the world. Please refer to Metro Bank using the full
name.
ENDS