Ulster Bank confirms exit from Irish market

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NatWest, the parent of Ulster Bank, has confirmed it intends to begin a phased withdrawal from the Republic of Ireland over the coming years

Ulster Bank has announced that it intends to begin a phased withdrawal from the Republic of Ireland over the coming years that will be managed in an "orderly and considered manner".

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's chief executive Jane Howard said the decision by NatWest to withdraw from Ireland is "hugely disappointing". "Ulster Bank will continue to offer a full banking service in our branches, online and through normal channels for existing and new customers for the foreseeable future," she said.

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Ulster says no. 😱

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