REG-Metro Bank Holdings PLC Metro Bank Completes Sale of £2.5 billion Residential Mortgage Portfolio to NatWest Group PLC

Metro Bank HoldingsAnnouncement

30/09/2024 16:45

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   Metro Bank Holdings PLC (MTRO)
   Metro Bank Completes Sale of £2.5 billion Residential Mortgage Portfolio
   to NatWest Group PLC

   30-Sep-2024 / 16:30 GMT/BST

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                                       Metro Bank Holdings PLC (LSE: MTRO LN)

                                                            30 September 2024

    

    

   Metro Bank Holdings PLC

    

   Legal Entity Identifier: 984500CDDEAD6C2EDQ64

    

       Metro Bank Completes Sale of £2.5 billion 1  Residential Mortgage
                         Portfolio to NatWest Group PLC

                                        

   Further to Metro Bank’s announcement on 26 July 2024 regarding the sale of
   a  portfolio  of  approximately  £2.5 1   billion  of  prime   residential
   mortgages (the “Portfolio”) to NatWest  Group PLC (“NatWest”), Metro  Bank
   confirms that the sale completed on 30 September 2024.

    

   At completion the Portfolio had a  book value of c£2.4 billion,  resulting
   in a total  cash consideration of  c£2.3 billion 2 , with  TFSME 3  to  be
   repaid from proceeds.

    

   The sale  of  the Portfolio  is  in line  with  Metro Bank's  strategy  to
   reposition its balance sheet and enhance risk-adjusted returns on capital.
   The transaction is earnings, NIM and capital ratio accretive, and the sale
   creates additional lending capacity to  enable Metro Bank to continue  its
   asset rotation towards higher yielding commercial, corporate, SME  lending
   and specialist  mortgages.  The  upgraded guidance  provided  at  H1  2024
   results assumed  the  successful completion  of  the Portfolio  sale,  and
   therefore remains unchanged.

    

    1  Cut-off as at 31-Mar-24

    2  The final purchase price includes adjustments and reconciliations to
   reflect certain limited exclusions, costs and collections in the run up to
   completion of the transaction

    3  Bank of England Term Funding Scheme with additional incentives for
   SMEs

    

   Enquiries:

   Metro Bank PLC Investor Relations

   IR@metrobank.plc.uk

   Metro Bank Media Relations

   Mona Patel

   +44 (0) 7815 506845

    1 pressoffice@metrobank.plc.uk

   Teneo

   Haya Herbert-Burns/Anthony DiNatale

   +44 (0)7342 031051/ +44 (0)7880 715975

    2 metrobank@teneo.com

   About Metro Bank

   Metro Bank is celebrated for its exceptional customer experience. It was
   named as the best bank for service in-store for business customers in the
   Competition and Markets Authority’s Service Quality Survey in August 2024.

   Since 2012, Metro Bank has originated and approved just over £10bn in
   commercial lending.

   The community bank offers retail, business, commercial and private banking
   services, and prides itself on giving customers the choice to bank
   however, whenever and wherever they choose, and supporting the customers
   and communities it serves. Whether that’s through its network of 75
   stores; on the phone through its UK-based contact centres; or online
   through its internet banking or award-winning mobile app, the bank offers
   customers real choice.

   Metro Bank is a multi award winning organisation.  The Bank has also been
   awarded “Large Loans Mortgage Lender of the Year”, 2024 and 2023 Mortgage
   Awards, accredited as a top ten Most Loved Workplace 2023, “2023 Best
   Lender of the Year – UK” in the M&A Today, Global Awards, the “Inclusive
   Culture Initiative Award” in the 2023 Inclusive Awards, “Diversity, Equity
   & Inclusion Award” and “Leader of the Year Award 2023” at the Top 1%
   Workplace Awards, “Best Women Mortgage Leaders in the UK” from Elite Women
   2023, “Diversity Lead of the Year”, 2023 Women in Finance, Best Large Loan
   Lender, 2023 Mortgage Strategy Awards, “Best Business Credit Card”, Forbes
   Advisor Best of 2023 Awards, “Best Business Credit Card”, 2023 Moneynet
   Personal Finance Awards.

   Metro Bank Holdings PLC (registered in England and Wales with company
   number 14387040, registered office: One Southampton Row, London, WC1B 5HA)
   is the listed entity and holding company of Metro Bank PLC.

   Metro Bank PLC (registered in England and Wales with company number
   6419578, registered office: One Southampton Row, London, WC1B 5HA) is
   authorised by the Prudential Regulation Authority and regulated by the
   Financial Conduct Authority and Prudential Regulation Authority.
   ‘Metrobank’ is a registered trademark of Metro Bank PLC.  Eligible
   deposits are protected by the Financial Services Compensation Scheme. For
   further information about the Scheme refer to the FSCS website
    3 www.fscs.org.uk. All Metro Bank products are subject to status and
   approval.

   Metro Bank is an independent UK bank – it is not affiliated with any other
   bank or organisation (including the METRO newspaper or its publishers)
   anywhere in the world. Please refer to Metro Bank using the full name.

                                      ENDS

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00BMX3W479
   Category Code:  DIS
   TIDM:           MTRO
   LEI Code:       984500CDDEAD6C2EDQ64
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   349997
   EQS News ID:    1998893


    
   End of Announcement EQS News Service

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References

   Visible links
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   2. mailto:metrobank@teneo.com
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