Non-Binding MOU Agreed with Permanent TSB 23/07/2021

Today 23/07/2021, Ulster Bank announces 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 agreed a non-binding MOU with Permanent TSB Group (“PTSB”) for the sale of a perimeter comprising the 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 perimeter will include a total of approximately €7.6bn gross performing loans as at 31 March, the majority relating to non-tracker mortgages and PTSB are designated to acquire 25 of Ulster Bank’s 88 branch locations. This non-binding MOU is subject further due diligence, the negotiation and completion of a final binding agreement and the obtaining of regulatory approvals and satisfying other conditions.  The proposed sale may not complete on the terms contemplated in the MOU, when envisaged by the MOU, or at all.

There are customers and customer products which are not covered by today’s announcement and we will update on those as appropriate. While performing tracker mortgages are not part of today’s MOU, Ulster Bank and NatWest Group are working on a similar pathway for these customers with strategic banking counterparties. We will update in due course on this.

While there is no change for customers today, over the coming months, we will make a series of changes for our customers as we implement our phased withdrawal. We will proactively contact customers when they need to move bank and/ or close accounts.

We will ensure that customers have ample time/ 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. 

23rd July 2021

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