Ebene News – GB – Ulster Bank confirms the closure of the Republic of Ireland

Ulster Bank will close its operations in the Republic of Ireland in the next few years

Ulster Bank is in some ways the third largest bank in the Republic of Ireland, but has struggled to be profitable

Ulster Bank’s activities in Northern Ireland will continue to trade, but there are fears the move could have an impact on jobs

Claire Hanna, SDLP MP for South Belfast, said: “The withdrawal of Ulster Bank from the Republic of Ireland poses a threat to around 700 jobs in Operation North, these are employees in behind the scenes who daily administer Operation South

“Where public banks seek to take advantage of this opportunity to buy loan books, I will make representations to the governments of London and Dublin to ensure they use their strength to protect workers at the heart of today’s devastating news “

NatWest Group CEO Alison Rose said: “Upon careful review and despite the progress made, it has become clear that Ulster Bank will not be able to generate long-term sustainable returns for our shareholders

“As a result, we will begin a phased withdrawal from the Republic of Ireland over the next few years, which will be undertaken with careful consideration of the impact on customers and our colleagues”

Ulster Bank was founded in Belfast in 1836 and opened its first branch in Dublin in 1862

These loans will be sold to other financial institutions or managed for Nat West by a loan service company

The decision to shut down the bank was widely anticipated and raised concerns about competition

After the announcement, Permanent TSB said it was in “preliminary discussions with NatWest regarding the acquisition of parts of Ulster Bank’s business in the Republic of Ireland”

Its managing director, Eamonn Crowley, said he wanted to ensure “continuity of service for customers”, as well as strengthen Permanent TSB’s “ability to offer choice and competition in the market in general”

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Irish Finance Minister Paschal Donohoe described Ulster Bank announcement as a “very important event” and a difficult day for employees

However, he said he took assurances that there was immediate interest in the bank’s loan portfolio

“I welcome the reference made this morning to the two other Irish banks, PTSB and AIB, which are engaging with NatWest on the future of lending books to SMEs (small and medium-sized enterprises), mortgages, individuals and Ulster Bank businesses, such as as well as current and deposit accounts held by the bank, ”he said

“While this is positive news and indicates the potential for further development of already well-established Irish banks, there is still much to be done in the coming months”

Sinn Féin Finance spokesman Pearse Doherty on Thursday warned that an exit from Ulster Bank could put ‘upward pressure’ on interest rates and urged the Irish government to do everything to minimize damage to customers

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Ulster Bank, NatWest, NatWest Group, Finance, Allied Irish Banks, Ireland

Ebene News – GB – Ulster Bank confirms the closure of the Republic of Ireland

Source: https://www.bbc.co.uk/news/world-europe-56123106