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Ireland
Sunday, March 7, 2021

Ulster Bank confirms exit from Irish market

Ulster Bank has announced a phased withdrawal from the Republic of Ireland over the coming years that will be managed in an “orderly and considered manner”.

The bank, which is owned by UK lender NatWest, has 1.1 million customers here, along with 2,800 staff in 88 branches around the country.

“Ulster Bank will continue to communicate with customers throughout this process and remains open for business, new and existing through all business channels,” the bank said.

As part of the phased withdrawal, Ulster Bank said that a non-binding Memorandum of Understanding with AIB has been agreed for the sale of a €4 billion portfolio of performing commercial loans.

The bank said that staff working on these loans will also transfer to AIB.

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