Ulster Bank has announced a phased withdrawal from the Irish market.
It will take place over a number of years, with no immediate change for customers.
Staff have been told there will be no additional compulsory redundancies this year.
The bank has made a non-binding agreement with AIB for the sale of 4 billion euro worth of performing commercial loans.
Announcing the phased withdrawal, Ulster Bank Chief Executive Officer, Jane Howard said:
“The decision by NatWest to withdraw from this market is hugely disappointing and today will be a difficult and worrying time for our colleagues across the Bank. It may also lead to customer questions and concerns as to how this decision may impact them and their day-to-day banking needs.
“I want to be clear that there will be no change for customers today, changes will happen over the coming years. 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. Customers do not need to take any action as a consequence of this announcement. We will communicate with customers in a timely manner over the coming weeks and months.
“We will now consult with employee representative bodies to determine how best to plan and manage an orderly withdrawal of the Bank over the coming years. There will be no new compulsory departures from the Bank this year. I am acutely conscious of our responsibilities to our colleagues and I am wholeheartedly committed to managing this process in a fair and responsible manner.
“The phased withdrawal will include the careful and responsible execution of a strategy over time to deliver constructive solutions for our customers and their banking services within the Republic of Ireland.”
