NatWest to Transfer Northern Irish Business to National Westminster Bank
By Adriano Marchese
NatWest Group PLC said Thursday that a first hearing has been
held for the proposed transfer of the major part of its Northern
Irish banking business to National Westminster Bank PLC.
The U.K. bank said transferring the retail and premier banking
division of Ulster Bank Ltd.--a legal entity incorporated and
operating in Northern Ireland--will help simplify the governance
process of the company as well as reduce associated costs.
The company said the hearing for the approval of the scheme will
be held on March 25, 2021, following an application to the High
Court of Justice in Northern Ireland Queen's Bench Division in
October for the transfer.
If the approval is received, the scheme is expected to take
effect on May 3.
Write to Adriano Marchese at email@example.com
(END) Dow Jones Newswires
November 12, 2020 13:18 ET (18:18 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.