NatWest has revealed it spent £24 million on shelved Tory government plans for a retail share sale in the bank as it also reported a 16% fall in half-year earnings.
NatWest has revealed it spent £24 million on shelved Tory government plans for a retail share sale in the bank as it also reported a 16% fall in half-year earnings.The lending giant’s bill for the “Tell Sid”-style campaign comes after it was forced to pay for advertising and preparations for the share sale, which had been due to launch in the summer before the surprise July 4 General Election announcement.
NatWest also announced it had agreed to buy around £2.5 billion worth of residential mortgages from Metro Bank for £2.4 billion in cash, which will see it add around 10,000 borrowers to the group. It follows NatWest’s move to buy the bulk of Sainsbury’s banking business in June, adding around £1.4 billion of unsecured personal loans, £1.1 billion of credit card balances and about £2.6 billion of customer deposits.
Paul Thwaite, chief executive of NatWest, said: “The positive momentum and progress in the first half reflect the ambition across the bank to deliver its full potential. “Our customers are beginning to feel more confident, with activity increasing and asset quality remaining strong, and we are well-positioned to help unlock growth across the UK through our unrivalled regional network.”1p and 2p coins scrapped: the Royal Mint will produce none of these copper coins in 2024 as demand drops
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