Allied Irish Banks has announced that it is involved in exclusive discussions with NatWest Group to take over Ulster Bank’s tracker mortgage accounts as Ulster Bank leaves the Irish Market.
If the deal is concluded it would give certainty to Ulster Bank customers which are to be welcomed according to Finance Minister Paschal Donohoe.
The deal would also have to be approved by the Competition and Consumer Protection Commission. The Commission has already approved AIB’s purchase of Ulster Bank’s corporate and commercial loan book. Staff in Ulster Bank that have been handling these loans will also move be employed AIB as part of the deal.
Ulster Bank and KBC bank both intend to cease retail banking in Ireland – both banks are giving their current account customers 6 months notice to move their accounts.
An estimated 900,000 retail accounts are involved between both Ulster Bank and KBC. The State owns approximately 70% of AIB since the bailout during the financial crisis.
