Ulster Bank customers will get six months’ notice to close their accounts

ULSTER BANK customers will be given at least six months’ notice to close their accounts before the bank exits the Irish market next year.

The chief executive of Ulster Bank told the Oireachtas committee today that the retail bank will not close any of its 88 branches during the first half of 2022.

The withdrawal from Ireland has caused problems for customers who will have to find a new provider sometime in the next twelve months.

Jane Howard said the financial institution will start sending formal six-month notice letters to clients by the end of the first quarter of 2022.

Messages will direct customers to choose a new bank; Move to this bank and close their Ulster Bank accounts.

This applies to both personal and business customers. Customers do not need to take any action until they receive their message but we are talking to them now to give as much preparation time as possible,” Howard said today.

She added: « The ‘Choose, Move, Close’ campaign is an important step in our closure, not only to customers but to the industry as well, and we must work together on this to ensure the safe transition of customers to their new provider. »

The CEO said there will be no voluntary bank-wide layoffs before the end of June next year.

Howard told the committee that Ulster Bank and permanent TSB are working towards a binding agreement on the sale of untracked executed mortgages, performance of small and medium-sized business loans and Ulster’s Lombard Asset Finance business, as well as 25 branches of Ulster Bank, for €7.6. one billion.

AIB has already agreed to take over 4.2 billion euros The value of corporate loans and commercial loans from Ulster Bank. Nearly 300 Ulster Bank employees will move to AIB as part of the agreement.

Howard said the bank expects to find out in January whether the agreement will require a second phase of investigation by the Competition and Consumer Commission.