FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For
June 20, 2024
Commission
File Number: 001-10306
NatWest
Group plc
Gogarburn,
PO Box 1000
Edinburgh
EH12 1HQ
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F X Form 40-F
___
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes ___
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
________
The following information was issued as Company announcements
in London, England and is furnished pursuant to General Instruction
B to the General Instructions to Form
6-K:
20 June
2024
Purchase of Sainsbury's Bank assets & liabilities
Natwest Group plc ("NatWest Group") today announces that it has
entered into an agreement with Sainsbury's Bank plc ("Sainsbury's
Bank") to acquire the retail banking assets and liabilities of
Sainsbury's Bank which comprises its outstanding credit card,
unsecured personal loan and saving accounts.
NatWest Group expects to acquire approximately £2.5 billion of
gross customer assets, comprising £1.4 billion of unsecured
personal loans and £1.1 billion of credit cards balances,
together with approximately £2.6 billion of customer
deposits.
As part of the transaction NatWest Group also expects to add around
one million customer accounts.
Paul Thwaite, NatWest Group CEO, commented:
"Following today's announcement, we look forward to welcoming
new customers to NatWest Group, where they will benefit from our
expertise and award-winning digital banking offering. This
transaction is a great opportunity to accelerate the growth of our
Retail Banking business at attractive returns, in line with our
strategic priorities. As well as a complementary customer base, the
transaction is expected to add scale to our credit card and
unsecured personal lending business within existing risk
appetite. NatWest Group has a
strong track record of successful integration, and we are focussed
on ensuring a smooth transition for customers."
Simon Roberts, Sainsbury's CEO, commented:
"I am pleased to be announcing this news today. NatWest's values
and customer focus are a close fit with ours and as one of the UK's
leading banks, NatWest's scale and financial services expertise
will ensure our existing financial services customers continue to
be well looked after. There will be no immediate change for our
bank customers as a result of this announcement. Today's news means
we will focus all our time and resources going forward on growing
our core retail business, delivering great quality and value, week
in week out."
This transaction is expected to have a 20 basis point impact on
NatWest Group's CET1 ratio upon completion and be EPS and RoTE
accretive upon completion.
Additional information
●
NatWest
Group is entering into this transaction through its subsidiary,
National Westminster Bank plc.
●
The
transaction will be effected through a banking business transfer
under Part VII of the Financial Services and Markets Act
2000.
●
Completion
of the transaction is conditional on court sanction and regulatory
approval or non-objection. Before completion, customary completion
matters are due to be finalised, including a transitional services
agreement. Subject to this, completion is expected to occur during
the first half of 2025.
●
The
operational infrastructure and commission income businesses of
Sainsbury's Bank including ATMs, insurance and travel money are not
included in this transaction. Argos Financial Services is also not
included in this transaction perimeter.
●
Forecast
balance sheet and account values disclosed are at completion which
is assumed to be 31 March 2025. Under the terms of the
transaction, the gross customer assets and liabilities and
associated cash at completion will transfer to NatWest Group and an
agreed £125M consideration will be payable from Sainsbury's
Bank to NatWest Group. The forecast utilises values which are based
on management information provided by Sainsbury's Bank. Actual
gross customer assets, balances and customer accounts to be
acquired may vary at completion. The final consideration will
reflect the value of assets and liabilities transferred at
completion of the transaction and will be subject to certain
customary adjustments.
●
There
is no immediate change for our new customers and they will be
contacted in due course.
Further information
Investor Relations: + 44 (0)207 672 1758
Media Relations: + 44 (0)131 523 4205
Legal Entity Identifiers
NatWest Group plc: 2138005O9XJIJN4JPN90
National Westminster Bank plc: 213800IBT39XQ9C4CP71
Caution about forward-looking statements
This document contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995, such as statements that include, without limitation,
the words 'expect', 'estimate', 'project', 'anticipate', 'commit',
'believe', 'should', 'intend', 'will', 'plan', 'could',
'probability', 'risk', EPS (earnings per share) and ROTE (return on
tangible equity), '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 NatWest Group's
future economic results, business plans and strategies. In
particular, this document includes forward-looking statements
relating to (a) the expected or estimated impact of the acquisition
on NatWest Group, including the number of customer accounts, gross
customer assets, loan, credit card and deposit balances to be
acquired by NatWest Group at expected completion of the
acquisition, the expected impact on Natwest Group's CET 1 ratio
and expectations that the acquisition will be EPS and ROTE
accretive for NatWest Group or (b) NatWest Group in respect
of, but not limited to its economic and political risks, its
financial position, profitability and financial performance
(including financial, capital, cost savings and operational
targets), the implementation of its strategy, its climate and
sustainability-related targets, increasing competition from
incumbents, challengers and new entrants and disruptive
technologies, its access to adequate sources of liquidity and
funding, its regulatory capital position and related requirements,
its exposure to third party risks, its ongoing compliance with the
UK ring-fencing regime and ensuring operational continuity in
resolution, its impairment losses and credit exposures under
certain specified scenarios, substantial regulation and oversight,
ongoing legal, regulatory and governmental actions and
investigations, and NatWest Group's exposure to operational risk,
conduct risk, cyber, data and IT risk, financial crime risk, key
person risk and credit rating risk. 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, future growth initiatives (including acquisitions, joint
ventures and strategic partnerships), the outcome of legal,
regulatory and governmental actions, processes and investigations,
the level and extent of future impairments and write-downs,
legislative, political, fiscal and regulatory developments,
accounting standards, competitive conditions, technological
developments, interest and exchange rate fluctuations, general
economic and political conditions and the impact of climate-related
risks and the transitioning to a net zero economy. These and other
factors, risks and uncertainties that may impact any
forward-looking statement are discussed in NatWest Group's 2023
Annual Report on Form 20-F, NatWest Group's Interim Management
Statement for Q1 2024 on Form 6-K, and its other public filings.
The forward-looking statements contained in this document speak
only as of the date of this document and NatWest Group 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.
Date: 20
June 2024
|
NATWEST
GROUP plc (Registrant)
|
|
|
|
By: /s/
Jan Cargill
|
|
|
|
Name:
Jan Cargill
|
|
Title:
Chief Governance Officer and Company Secretary
|
NatWest (PK) (USOTC:RBSPF)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
NatWest (PK) (USOTC:RBSPF)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024