DAVY VIEW

An acquisition of the Ulster Bank Ireland SME portfolio would have a transformative impact on permanent tsb Group’s (PTSB) earnings profile, given the scale benefits that would emerge, and it would accelerate its move into a targeted area of growth. In addition, a sale to PTSB would ease concerns on an Ulster Bank Ireland exit from the market from a competition perspective. NatWest Group’s FY 2020 results are due on February 19th, at which time an update on the future of Ulster Bank Ireland is likely to be provided.