NatWest (NWG.L), opens new tab has bought a 2.4 billion pound ($3.09 billion) mortgage book from Metro Bank (MTRO.L), opens new tab and upgraded its performance outlook for the year, boosting its shares even though the British bank’s first-half profit fell 16%.
The transaction represents the latest in a slew of consolidation deals this year in Britain’s crowded banking market, as incumbents snap up assets from smaller rivals that have failed to build scale in a fiercely competitive environment.
Source: REUTER
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