AIB in talks to buy Ulster Bank’s tracker mortgage portfolio

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Aib In Talks To Buy Ulster Bank’s Tracker Mortgage Portfolio Aib In Talks To Buy Ulster Bank’s Tracker Mortgage Portfolio
AIB has entered into exclusive discussions with NatWest for Ulster Bank tracker mortgages
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AIB has entered into exclusive discussions with NatWest Group for the acquisition of about €6 billion of Ulster Bank performing tracker and linked mortgages.

Any potential transaction remains subject to negotiations and agreement, the bank said.

Minister for Finance Paschal Donohoe welcomed the announcement.

“The successful conclusion of this transaction by AIB would be very positive in providing a significant number of Ulster Bank customers with certainty as to the destination of their mortgages,” he said.

“I am hopeful that these discussions will lead to a successful outcome, however, I do appreciate that the conclusion of this transaction is subject to normal due diligence, agreement of final terms, as well as obtaining appropriate approvals.”

AIB also welcomed news that broke on Thursday of receipt of clearance from the Competition and Consumer Protection Commission (CCPC) for the acquisition of €3.7 billion Ulster Bank performing corporate and commercial loans.

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AIB said it would commence the migration of loans on a phased basis over the coming months to ensure “optimised outcomes” for the 5,000 impacted customers.

Mr Donohoe described the CCPC’s clearance in relation to the corporate and commercial loan book as a “very positive development” for Ulster Bank customers.

AIB said it will issue its first quarter trading update on May 5th.

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