Ulster Bank has announced that it will begin a phased withdrawal from the Republic of Ireland over the coming years.
The Northern Irish branches of Ulster Bank will remain open as they were not part of NatWest's review and in the short-term, it is expected that there will be minimal change for Ulster Bank customers and colleagues, the bank said. As part of the phased withdrawal, Ulster Bank said that a non-binding Memorandum of Understanding with AIB has been agreed for the sale of a €4 billion portfolio of performing commercial loans.It said the potential sale remains subject to due diligence, further negotiation and agreement of final terms and definitive documentation.
Ulster Bank also said it is in early discussions with Permanent TSB about their potential interest in buying certain retail and SME assets, liabilities and operations.