- NatWest reported an operating loss of £351 million for 2020, down from £4.2 billion pre-tax profit last year.

The bank said net impairment charges were £3.2 billion and announced it will pay a dividend of three pence per share.

NatWest confirmed that it is pulling Ulster Bank out of the Republic of Ireland after completing a strategic review.

It said that despite the significant progress that has been made in recent years, Ulster Bank in the Republic of Ireland is not be in a position to achieve an ‘acceptable level of sustainable returns over its planning horizon’.

Ulster Bank Limited's banking business in Northern Ireland is unaffected. NatWest said it would also sell €4 billion worth of commercial loans to Allied Irish Bank.

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