Ulster Bank Ireland DAC presence in the Republic of Ireland

Following an extensive review of Ulster Bank Ireland DAC, a decision has been made for a phased withdrawal of all its banking activity and associated services within the Republic of Ireland over the next number of years.

What do customers need to do?

Nothing, there is no immediate impact on your products and your day to day banking, simply continue to bank with us as normal. We commit to keeping you updated and assure you that we will provide advance notice of any changes to your future banking services as a result of this decision.

Are we open for new business?

Yes – we will remain open for all new business as we work to find the solutions that will ensure continuity of support for you. This announcement of a phased withdrawal may result in the transfer of your product to another provider.  

To keep you up to date with what this means for you, we have put together these frequently asked questions and answers.

We would like to thank you for your ongoing business with us and assure you that we are committed to serving you and working in the best interests of all our customers.

Be fraud aware?

This decision may prompt fraudsters to attempt to take advantage of the situation. We will ensure all security measures continue to keep you protected. Please stay alert and watch out for scams and for more information please visit our security centre.

For all your personal banking needs please visit ulsterbank.ie/personal.html

For all your business banking needs please visit ulsterbank.ie/business.html

On 19 February 2021 we announced a phased withdrawal of all our banking activity and associated services within the Republic of Ireland. We now want to update this with important information regarding notice to close Commercial Banking products/services to new business.

We remain fully open for all existing business customers’ needs and requirements. Lombard remains fully open for all business from both new and existing customers. There are no changes to your existing products with us at this time and we will notify you of any changes and actions you need to take when necessary. We will no longer be taking on new to bank customers across any of our business banking services, with the exception of Lombard, from today, 30 July 2021.

As part of our phased withdrawal plan, we will communicate with you directly in advance of any changes which affect you and any action required by you. We remain committed to keeping you informed as appropriate throughout.

Ulster Bank Ireland DAC announced on the 19 February 2021 that, following a strategic review undertaken by our parent company NatWest Group, we will commence a phased withdrawal from the Irish market over the coming years.

We can now confirm that we have reached a legally binding agreement with Allied Irish Banks, p.l.c. for the sale of a c.€4.2bn portfolio of performing loan products (plus up to €2.8bn of undrawn exposures) from our Commercial Banking Division and the transfer of the colleagues wholly or mainly assigned to this loan book. This agreement is now subject to regulatory approvals which is likely to take a number of months.

You do not need to take any action on foot of this announcement and we will be in contact with you whenever you do need to take action.

If you have any questions, please talk to your dedicated Relationship Manager or call us on 0818 210 264*. If you do prefer to call us, please be patient with us as we may be experiencing longer than usual call wait times.

Important Information: *Lines open Monday – Friday, 8.30am – 5.30pm. Call costs may vary and calls from mobiles may not be free. Information correct as at 25/06/2021. 

Today, Ulster Bank announces an update on its phased withdrawal process, as confirmed on 19 February 2021, binding agreement with AIB on 28 June 2021 and non-binding memorandum of understanding with Permanent TSB Group (“Permanent TSB”) on 23 July 2021.

Ulster Bank and its parent NatWest Group have agreed a binding agreement with Permanent TSB for the sale of performing non-tracker mortgages; the performing loans in our micro-SME business, Ulster Bank’s Lombard Asset Finance business, including the Lombard digital platform; and a subset of Ulster Bank branch locations.

The proposed sale will include a total of approximately €7.6bn gross performing loans as at 30 June 2021, the majority relating to non-tracker mortgages, and 25 of Ulster Bank’s 88 branch locations. The transaction is subject to further due diligence, obtaining regulatory approvals and satisfying other conditions. The proposed sale may not complete on the terms contemplated in the binding agreement, when envisaged by the binding agreement, or at all.

While performing tracker mortgages are not part of today’s binding agreement, Ulster Bank and NatWest Group are working on a pathway for these customers and a process is underway in this regard. We will update on this in due course.

There are customers and customer products which are not covered by today’s announcement and we will update on those as appropriate. While there is no change for customers today, in early 2022 we will begin to serve formal account closure notice to customers who have current and deposit accounts. This means that customers will need to Choose a new bank and prepare to Move and Close their accounts. We will ensure customers, including those in vulnerable situations, have ample notice periods as well as the support they need to complete the process.

We understand that choosing and moving to a new bank is a process that customers may wish to commence now, and we are already talking to customers who are considering their options. While we are not asking customers to move bank right now, we are ready to help those who have chosen their new bank. Our branch and telephony teams are ready to support customers with the move / and or close process and can be contacted here.

View our frequently asked questions relating to this announcement here

On 29th of April 2022, Ulster Bank announced an update on its phased withdrawal process, as confirmed on 19 February 2021 and further to the binding Agreement with AIB announced on 28 June 2021.

Ulster Bank and its parent NatWest Group have received approval from the Competition and Consumer Protection Commission (CCPC) for the sale of a portfolio of performing loan products from our Commercial Banking Division and the transfer of the colleagues wholly or mainly assigned to this loan book.

We will write to customers in due course directly detailing their specific facilities that are included in the sale and the actions required to complete their product transfer. Customers do not need to take action now on foot of this announcement. If you have any questions, please talk to your dedicated Relationship Manager, or see customer FAQs below.