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NatWest sells equities unit
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December 2, 1997: 8:53 a.m. ET
Bankers Trust and Deutsche Morgan Grenfell paying total of $301 million
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NEW YORK (CNNfn) - Britain's National Westminster Bank PLC, commonly known as NatWest, said Tuesday it is getting out of the investment banking business.
The company said it will sell its NatWest Markets equities businesses for $301 million and take a charge of approximately $454 million to cover the costs of making the transition out of those areas.
NatWest will take a loss of $353 million for 1997, it said, but added that its remaining businesses are showing improvement over last year.
NatWest is selling its European equities business to Bankers Trust and its U.S. and Asia operations to Deutsche Morgan Grenfell.
News of a $151 million loss in its interest rate options operations earlier this year combined with other equities losses forced NatWest's hand in restructuring.
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NatWest Group
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