AIB Group plc confirms and welcomes the receipt of competition clearance from the Competition and Consumer Protection Commission (CCPC)
AIB Office Central Park, Leopardstown, Dublin. (Credit: Aib editr/Wikipedia)
AIB Group plc announces that it is has entered into exclusive discussions with NatWest Group plc for the acquisition of circa €6 billion Ulster Bank performing tracker (and linked) mortgages. Any potential transaction remains subject to negotiations and agreement.
Ulster Bank corporate and commercial loans – CCPC approval AIB Group plc confirms and welcomes the receipt of competition clearance from the Competition and Consumer Protection Commission (CCPC) on 28 April 2022 for the acquisition of c. €3.7 billion Ulster Bank performing corporate and commercial loans (1).
As intended AIB will commence the migration of loans on a phased basis over the coming months to ensure optimised outcomes for the c. 5,000 impacted customers.
In line with previous guidance the Group expects a CET1 reduction of c. 130bps in relation to the corporate and commercial loan book acquisition.
AIB Chief Executive, Colin Hunt, commented: “Receipt of CCPC approval is another important milestone in AIB’s inorganic strategy and follows the successful integration of Goodbody last year. We look forward to working with our new customers and equally our new colleagues from Ulster Bank as they move to AIB Group. I would like to thank everyone who has worked on this landmark transaction.”
Source: Company Press Release