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 adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

November 12, 2020 13:18 ET (18:18 GMT)

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