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MOU with AIB Progresses to Legally Binding Agreement - 28/06/21

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 1850 211 622*. 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. 

28 June 2021

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