Ulster Bank has announced a phased withdrawal from the Irish market.
The bank's wind down will take place over a number of years, with no immediate change for customers.
Important Customer Notice: please visit https://t.co/mxzErtTcxy for more information. pic.twitter.com/otdbTpgbuW
— Ulster Bank (@UlsterBank) February 19, 2021
In a statement, Ulster Bank says it's made a non-binding agreement with AIB for the sale of €4 billion worth of performing commercial loans.
It's also in early discussions with Permanent TSB regarding other parts of the business.
Announcing the phased withdrawal, Ulster Bank Chief Executive Officer, Jane Howard said:
“The decision by NatWest to withdraw from this market is hugely disappointing and today will be a difficult and worrying time for our colleagues across the Bank."
"It may also lead to customer questions and concerns as to how this decision may impact them and their day-to-day banking needs."
“I want to be clear that there will be no change for customers today, changes will happen over the coming years."
"Ulster Bank will continue to offer a full banking service in our branches, online and through normal channels for existing and new customers for the foreseeable future."
"Customers do not need to take any action as a consequence of this announcement."
"We will communicate with customers in a timely manner over the coming weeks and months."
