Ulster Bank customers will get a six month period to close their accounts before the bank’s complete withdrawal from Irish Market. The 88 branches will be open for the first half of 2022 and serve the customers regarding their account closure, Ulster Bank CEO Jane Howard told an Oireachtas committee.
Ulster Bank had earlier told that the customers should start finding a new provider to avoid last minute rush. They had also said that any customer whose account is not closed after the proposed date would get a check with the amount in their account at the given address.
Yesterday CEO Howard has said that, the bank will start sending formal letters to the customers with advises such as finding a new bank, moving the account to that bank and closure of Ulster Bank account towards the end of the first quarter of 2022. The customers, both personal and business, need not to do anything until they get a letter from the bank.
“This ‘Choose, Move, Close’ readiness campaign is an important step in our closure, not just for customers but for the industry too and we must work together on this to ensure the safe transition of customers to their new provider,” Howard said.
The Ulster and Permanent TSB are currently in talks over transferring performing non-tracker mortgages, performing micro-SME business loans and Ulster’s Lombard Asset Finance business. The 25 Ulster Bank branches are also likely to be sold to PTSB. The negotiating amount is €7.6 billion.
AIB has already agreed to take on €4.2 billion worth of Ulster Bank’s corporate and commercial loans. Almost 300 Ulster Bank staff will transfer to AIB as part of the agreement.
Source: Journal.ie