By Joe Hoppe


NatWest Group PLC said Wednesday that it has agreed to sell its performing tracker and linked mortgage portfolio to Allied Irish Banks PLC for around 6 billion euros ($6.44 billion).

The U.K. bank said the decision was part of its phased withdrawal from Ireland. Completion of the sale is expected in the second quarter of 2023, subject to regulatory approval.

The indicative pricing of the sale is in line with expectations and previous guidance of EUR300 million in disposal losses related to the withdrawal from the country, which is still expected to be capital accretive, the company said.

"Our priority remains to support our customers and colleagues through this transition and we will be working closely with AIB to ensure the successful completion of this transaction," Chief Executive Alison Rose said.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

06-01-22 1337ET