This Friday, Ulster Bank will bid its final farewell to the Republic by closing its remaining 63 branches. This marks the end of the bank’s departure from the Irish market. Alongside this, ATM services will be terminated, although phone and online support will stay in place.
At its peak, Ulster Bank had over 1 million customers in the Republic. The bank will be selling its remaining branches by the end of the year, with 31 of them being owned outright and the rest being rented. Moreover, Ulster Bank is laying the groundwork to move €4 billion of capital to its UK parent, Natwest Group. When asked by The Irish Times when the bank will start these transfers, a spokeswoman declined to comment and added that any capital repatriation must be approved by the regulator first.
The annual report states that it will be a matter of years until the bank’s full withdrawal from the market is complete. It was previously indicated that its licence will be returned to the Central Bank at the earliest by next year.
