Metro Bank sells residential mortgage portfolio to NatWest for $3 billion
-Britain's Metro Bank is selling its portfolio of prime residential mortgages to NatWest Group for up to 2.4 billion pounds in cash, it said on Friday.
Metro Bank launched to challenge the dominance of the Britain's big banks in the wake of the global financial crisis, but struck a 925 million pound rescue deal last year and has since implemented cost cuts to heal its balance sheet. However, Metro Bank said the mortgage book had been originated when interest rates were lower and it would realise a 105 million pound loss on completion of the sale.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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