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NatWest continues exit from Republic of Ireland

John Campbell
BBC News NI economics and business editor
Getty Images The NatWest branding. It is a purple sign with white writing and a black square with three red cubes in it. Getty Images
Last month Nat West handed back the Irish banking licence which had it used to operate Ulster Bank

NatWest bank has taken another step towards ending its business in the Republic of Ireland by selling its 12% shareholding in Permanent TSB (PTSB).

PTSB is a small Irish bank which mainly focuses on mortgages.

NatWest took the stake in PTSB in 2022 as part of a wider deal which saw PTSB take over some customers of NatWest's Ulster Bank operation.

Last month NatWest handed back the Irish banking licence which it had used to operate Ulster Bank.

The move did not impact the bank's separate Ulster Bank business in Northern Ireland which continues to operate as normal.

The small number of remaining Ulster Bank assets in the Republic of Ireland are now being managed by a company called Ulydien DAC.

The Ulster Bank branch network in the Republic was shut down in 2023 and its loan book sold to other financial institutions.

That followed the bank's decision in 2021 to withdraw from the Republic because its performance had not recovered from the impact of the Irish property and banking crisis.