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NatWest reports loss, exits Ireland
StockMarketWire.com
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NatWest reported an operating loss of £351 million for 2020, down from £4.2 billion pre-tax profit last year.
The bank said net impairment charges were £3.2 billion and announced it will pay a dividend of three pence per share.
NatWest confirmed that it is pulling Ulster Bank out of the Republic of Ireland after completing a strategic review.
It said that despite the significant progress that has been made in recent years, Ulster Bank in the Republic of Ireland is not be in a position to achieve an acceptable level of sustainable returns over its planning horizon.
Ulster Bank Limited's banking business in Northern Ireland is unaffected. NatWest said it would also sell €4 billion worth of commercial loans to Allied Irish Bank.
Story provided by StockMarketWire.com
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