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's 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's “wide-ranging review of Ulster Bank's 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.”