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NatWest set to sell off Ulster arm

National Westminster Bank is planning to sell the fund management arm of its Irish subsidiary Ulster Bank as part of its defence against Bank of Scotland&#39s hostile take-over bid.


Ulster Bank Investment Managers is worth around £72m and has nearly £4.5bn in assets under management. The sale is part of Natwest&#39s “wide-ranging review of Ulster Bank&#39s business.”


Natwest is deciding whether to list UBIM on the London stock exchange or sell it to a third party.


Natwest spokesperson David Beck says: “Natwest are disposing of businesses that are no longer part of its retail banking core. The opportunity to sell UBIM or give the unit its own listing will get a better result for our shareholders.”


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