The lender is preparing to close the last of its remaining branches via IrishTimesBiz
It ended in February 2021 when NatWest confirmed it was leaving the Republic of Ireland after more than 160 years. It’s business north of the boarder was unaffected.
The move will allow the parent bank access capital that has up to now been tied up in Ulster Bank and will see it slash its costs.No but it is probably the oldest and the biggest. National Irish Bank, the Bank of Scotland and Rabobank have all gone before it while KBC is also leaving the Irish market.
It bought €6.8 billion of loans from with the NatWest Group, agreeing to take a 16.7 per cent stake in PTSB as part payment for them.Many of its less desirable – to a would-be-buyer – tracker mortgages were bought by AIB, Deposit and current account holders as well as business account holders and credit card holders were told to sort themselves out with new banks and providers.Well many of them have.
A further 77 per cent of Ulster Bank business and commercial accounts have either closed, materially wound down the level of activity in their current account to five or less transactions, or left it inactive.It does but Ulster Bank has said the number of accounts closing or becoming inactive “continues to increase every day”. It has urged customers who have yet to take the action immediately.
The bank will commence the freezing of personal and commercial customer accounts with higher levels of activity on or after February 2nd,.Well in the first instance, an account is frozen for a period of 30 days and unless a request is made by the customer to access the account, it is then closed with cheques issued if there are any outstanding balances on deposit.Some have already been transferred to PTSB while the remaining 63 will have closed their doors permanently from April 21st.
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