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Ulster Bank closes operations in Ireland; bank sells its assets and loans

DUBLIN: Ulster Bank has officially announced that it will end step by step its operations in the Republic of Ireland. Ulster Bank will completely withdraw from the Irish market in the coming years.

The bank, owned by Nat West, the UK’s leading banking company, has 11 million customers in the Republic. It has 2,800 staff in 88 branches across the country.

NatWest had already hinted last year about its plan to exclude the Irish section as part of a strategic reorganization.

“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 stated that a non-binding Memorandum of Understanding with AIB was agreed to sell or transfer a portfolio of €4 billion to carry out commercial loans.

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

Commercial loans will be transferred to AIB subject to due diligence, further negotiations and agreement of final terms and definitive documentation.

Meanwhile, Ulster Bank said that it was in talks with Permanent TSB to buy certain retail and SME assets, liabilities and operations, and that a decision would soon be taken.

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