MTRO METRO BANK HOLDINGS PLC

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

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


           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

Metro Bank Media Relations

Mona Patel

+44 (0) 7815 506845

Teneo

Haya Herbert-Burns/Anthony DiNatale

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

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 . 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



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


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

fncls.ssp?fn=show_t_gif&application_id=1998893&application_name=news&site_id=research_pool~~~9efe1c65-8ece-4ff7-9608-f21c8e0a38a3
EN
30/09/2024

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on METRO BANK HOLDINGS PLC

 PRESS RELEASE

2024 Annual General Meeting Results – Update Statement

Metro Bank Holdings PLC (MTRO) 2024 Annual General Meeting Results – Update Statement 19-Nov-2024 / 15:13 GMT/BST                                                               Metro Bank Holdings PLC (LSE: MTRO LN) 19 November 2024     Metro Bank Holdings PLC (the "Company")   Legal Entity Identifier: 984500CDDEAD6C2EDQ64   METRO BANK HOLDINGS PLC2024 Annual General Meeting Results – Update Statement   As previously announced, at Metro Bank’s Annual General Meeting (“AGM”) on 21st May 2024, shareholders did not support resolutions regarding authority and additional authorit...

 PRESS RELEASE

Director/PDMR Shareholding

Metro Bank Holdings PLC (MTRO) Director/PDMR Shareholding 19-Nov-2024 / 15:07 GMT/BST METRO BANK HOLDINGS PLC Legal Entity Identifier: 984500CDDEAD6C2EDQ64   Metro Bank Holdings plc (the “Company”) NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM 1 Details of the person discharging managerial responsibilities/person closely associated a) Name Cristina Alba Ochoa 2 Reason for the notification a) P...

 PRESS RELEASE

Director/PDMR Shareholding

Metro Bank Holdings PLC (MTRO) Director/PDMR Shareholding 18-Nov-2024 / 09:24 GMT/BST METRO BANK HOLDINGS PLC Legal Entity Identifier: 984500CDDEAD6C2EDQ64   Metro Bank Holdings plc (the “Company”) NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM 1 Details of the person discharging managerial responsibilities/person closely associated a) Name Robert Sharpe 2 Reason for the notification a) Positio...

 PRESS RELEASE

Block Listing Six Monthly Return

Metro Bank Holdings PLC (MTRO) Block Listing Six Monthly Return 14-Nov-2024 / 12:44 GMT/BST METRO BANK HOLDINGS PLC Legal Entity Identifier: 984500CDDEAD6C2EDQ64BLOCK LISTING SIX MONTHLY RETURN 14 November 2024 Name of applicant Metro Bank Holdings PLC Name of scheme Long Term Incentive Plan – 2021 Period of return From 14 May 2024   To 14 November 2024 Balance of unallotted securities under scheme(s) from previous return 3,159,812 Plus:  The amount by whi...

Pedro Fonseca
  • Pedro Fonseca

Metro Bank - Profitability achieved and targets reiterated

Metro Bank (Metro) has published a trading update that shows that it returned to profitability in October. This is consistent with previous guidance of a return to profitability during Q424 and the bank has reiterated its guidance for a mid- to upper single-digit FY25 return on tangible equity (RoTE). The October net interest margin of 2.48% also points to faster improvement than we had anticipated. Separately, the bank reported that it has resolved Financial Conduct Authority (FCA) enquiries in...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch