AIB-potential acq Ulster Bk's Corp & Comm loan bk
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19 February 2021 |
AIB Group plc - POTENTIAL ACQUISITION OF ULSTER BANK's CORPORATE AND COMMERCIAL LOAN BOOK
AIB Group plc confirms it has entered into a non-binding Memorandum of Understanding with Natwest Holdings Limited for the acquisition of a circa €4 billion portfolio of performing corporate and commercial loans and the transfer of employees to AIB from within Ulster Bank Ireland DAC's Commercial franchise directly involved in the day to day management of the loan book.
The potential transaction contemplated between the parties remains subject to customary due diligence, further negotiation and agreement of final terms and definitive documentation, as well as obtaining appropriate internal, corporate and regulatory approvals and other conditions precedent. No assurance can be given that the parties will reach a definitive agreement or that the proposed sale will be concluded on acceptable terms, when contemplated, or at all.
AIB Group plc will provide an update to the market in due course.
This announcement contains inside information.
-ENDS-
Contact details:
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Niamh Hore / Janet McConkey |
Kathleen Barrington |
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Investor Relations |
External Communications |
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AIB Group |
AIB Group |
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Dublin |
Dublin |
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Tel: +353-1-6411817 / +353-1-6418974 |
Tel: +353 87 408 8323 |
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Email: niamh.a.hore@aib.ie |
Email: kathleen.m.barrington@aib.ie |
Forward Looking Statements
This document contains certain forward looking statements with respect to the financial condition, results of operations and business of AIB Group and certain of the plans and objectives of the Group. These forward looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward looking statements sometimes use words such as 'aim', 'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', 'may', 'could', 'will', 'seek', 'continue', 'should', 'assume', or other words of similar meaning. Examples of forward looking statements include, among others, statements regarding the Group's future financial position, capital structure, Government shareholding in the Group, income growth, loan losses, business strategy, projected costs, capital ratios, estimates of capital expenditures, and plans and objectives for future operations. Because such statements are inherently subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward looking information. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements. These are set out in Principal risks on pages 40 to 43 in the Annual Financial Report 2019 and updated on pages 36 and 37 of the Half-Yearly Financial Report 2020. In addition to matters relating to the Group's business, future performance will be impacted by Irish, UK and wider European and global economic and financial market considerations. Any forward looking statements made by or on behalf of the Group speak only as of the date they are made. The Group cautions that the list of important factors on pages 40 to 43 of the Annual Financial Report 2019 is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and events when making an investment decision based on any forward looking statement.
Figures presented may be subject to rounding.
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