NatWest acquires £2.5bn Metro Bank mortgage portfolio

NatWest Group is acquiring £2.5 billion of prime residential mortgages from Metro Bank and, as a result, will welcome around 10,000 customers to NatWest Group.

The 10,000 customer accounts will continue to be serviced by Metro Bank, in accordance with current arrangements, following the transfer to NatWest Group.

Last month, NatWest acquired Sainsbury's Bank, gaining around one million customer accounts.

Paul Thwaite, CEO of NatWest Group, commented: "Following today's announcement, we are acquiring £2.5 billion of prime residential mortgages from Metro Bank and, as a result, look forward to welcoming around 10,000 customers to NatWest Group.

"This transaction is a further opportunity to accelerate the growth of our Retail mortgage book within our existing risk appetite, with attractive returns. It is in line with our strategic priorities and builds on our recent acquisition from Sainsbury's Bank.

"We are focussed on a smooth transition and have a strong track record of successful integration with Metro Bank, following our previous acquisition of mortgages in 2020."