NatWest acquires mortgage portfolio from Metro Bank in £3.1bn deal

NatWest has announced it is set to acquire a multi-billion pound mortgage portfolio as part of its growth strategy.

The company has entered into an agreement with Metro Bank to acquire the mortgage portfolio in a £3.1bn deal.

The portfolio consists of owner occupied residential mortgages with a weighted average current loan to value of around 60 per cent.

As part of the transaction, NatWest will welcome over 13,000 customers who will continue to be serviced by Metro Bank - in accordance with current arrangements - following the transfer to NatWest.

Alison Rose, CEO of NatWest, commented: “Growing our mortgage book is an important strategic priority as we build a bank that delivers sustainable returns for shareholders.

“The addition of this loan book will supplement the strong organic growth that we continue to achieve.

“Our strong capital position, well above the target range, continues to provide the flexibility to navigate the uncertain environment and support our customers during the challenging times ahead.”