TIDMNWG
RNS Number : 1933F
NatWest Group plc
12 November 2020
NatWest Group plc
12 November 2020
Introduction
NatWest Group plc ("NatWest Group") proposes to simplify the way
it conducts business in Northern Ireland by transferring the major
part of the banking business of Ulster Bank Limited ("Ulster Bank")
a legal entity incorporated and operating in Northern Ireland to
National Westminster Bank Plc ("NatWest Bank"). [1] This proposed
transfer will help to simplify the governance processes of NatWest
Group and reduce associated costs which supports NatWest Group's
overall objectives.
The Scheme
Ulster Bank intends to effect a banking business transfer by
using a legal scheme called a Business Banking Transfer Scheme
under Part VII of the Financial Services and Markets Act 2000
("FSMA"). Accordingly, an application was issued under section 107
of FSMA in the High Court of Justice in Northern Ireland Queen's
Bench Division (Commercial List) ("Court") by Ulster Bank and
NatWest Bank on 20 October 2020 for Orders:
1. under section 111 of FSMA sanctioning a scheme ("Scheme")
providing for the transfer to NatWest Bank of Ulster Bank's retail
and premier banking division, and the business of the commercial,
corporate and business banking division ("Transferring Business");
and
2. making ancillary provision in connection with the Scheme
pursuant to sections 112 and 112A of FSMA.
A first hearing was held at the Court on 12 November 2020 and a
hearing for the approval of the Scheme is expected to be held on 25
March 2021. If the Scheme is approved at that hearing, the Scheme
is expected to take effect on 3 May 2021. Implementation of the
Scheme is subject, amongst other matters, to Court and regulatory
approvals. Unless the context requires otherwise, capitalised terms
used in this announcement are defined in the Scheme.
Further information on the Scheme
A copy of the Scheme document and a guide containing a statement
setting out the terms of the Scheme may be obtained free of charge
by using the relevant details set out below. The Scheme document,
the guide and other related documents including sample copies of
the communications to account holders are also available at the
websites below. These websites will be updated with any key changes
in respect of the proposed transfer.
Any questions or concerns relating to the proposed transfer
should be referred to the following telephone numbers or addresses
(as appropriate):
Ulster Bank Transfer BBTS National Westminster Bank
Ulster Bank Limited 250 Bishopsgate, London
11-16 Donegall Square East England
Belfast EC2M 4AA
BT1 5UB
Telephone No:
03457 424365 (Retail customers)
0345 366 5592 (Commercial
customers)
Website: Website:
www.ulsterbank.co.uk/transferscheme www.natwest.com
Making your views known
Any person (including any account holder or employee of Ulster
Bank or NatWest Bank) who thinks that he or she would be adversely
affected by the carrying out of the Scheme has a right to attend
the hearing and express their views, either in person or by legal
representative. It would assist the process if anyone intending to
do so could inform Ulster Bank or NatWest Bank, in writing at the
relevant address above, or Pinsent Masons LLP (the solicitors
acting for Ulster Bank and NatWest Bank), in writing at the address
below prior to 12 March 2021.
Any person who alleges that they would be adversely affected by
the Scheme but does not intend to attend the hearing may make
representations about the Scheme in writing to Ulster Bank or
NatWest Bank at the relevant address above or in writing to Pinsent
Masons LLP at the address below, setting out their reasons why they
believe they would be adversely affected. It would assist the
process if any such responses are received by Ulster Bank, NatWest
Bank or Pinsent Masons LLP prior to 12 March 2021.
Pinsent Masons Belfast LLP
Soloist Building
1 Lanyon Place
Belfast
BT1 3LP
Ref: 62155.07169/HA06/MB60
Solicitors acting for Ulster Bank and NatWest Bank
If there are, at the time of the hearing, restrictions in the
United Kingdom on gatherings and movement of people and any person
who would otherwise wish to attend the hearing and express their
views (whether in person or by legal representative) is unable to
do so as a result, where reasonably practicable and to the extent
permitted by the High Court, it is intended that arrangements will
be put in place in order to permit such persons to participate in
the hearing remotely.
For Further Information contact:
NatWest Group Investor Relations
Alexander Holcroft
Head of Investor Relations
+44 20 7672 1758
NatWest Group Media Relations
+44(0)131 523 4205
Forward Looking Statements
This announcement 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', 'plan', 'could', 'probability',
'risk', 'Value-at-Risk (VaR)', '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 the future
economic results, business plans and strategies of NatWest Group
plc ("NatWest Group"). In particular, this document may include
forward-looking statements relating to NatWest Group in respect of,
but not limited to: its regulatory capital position and related
requirements, its financial position, profitability and financial
performance (including financial, capital and operational targets),
its access to adequate sources of liquidity and funding, increasing
competition from new incumbents and disruptive technologies, 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, the transition of LIBOR and IBOR rates to
alternative risk free rates and NatWest Group's exposure to
economic and political risks (including with respect to terms
surrounding Brexit and climate change), operational risk, conduct
risk, cyber and IT 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, the final number of
PPI claims and their amounts, the level and extent of future
impairments and write-downs (including with respect to goodwill),
legislative, political, fiscal and regulatory developments,
accounting standards, competitive conditions, technological
developments, interest and exchange rate fluctuations, general
economic and political conditions and the uncertainty surrounding
the Covid-19 pandemic and its impact on NatWest Group. These and
other factors, risks and uncertainties that may impact any
forward-looking statement or NatWest Group plc's actual results are
discussed in the 2019 Annual Report and Accounts of NatWest Group
(formerly The Royal Bank of Scotland Group plc), NatWest Group
plc's Interim Results for Q1 2020 and NatWest Group plc's Interim
Results for H1 2020 and materials filed with, or furnished to, the
US Securities and Exchange Commission, including, but not limited
to, NatWest Group's most recent Annual Report on Form 20-F and
Reports on Form 6-K. 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.
Legal Entity Identifier
NatWest Group Plc 2138005O9XJIJN4JPN90
Ulster Bank Limited 213800BZ9V4RRA2IRN26
National Westminster Bank 213800IBT39XQ9C4CP71
Plc
[1] Note: Ulster Bank Limited which operates in Northern Ireland
is a separate and distinct legal entity from Ulster Bank Ireland
Designated Activity Company ("UBIDAC") which is incorporated in and
provides banking services to individuals, companies and
institutions in the Republic of Ireland.
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END
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