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Are you an Ulster Bank or KBC customer? – This is what you need to know

With the two banks exiting the market, customers will have some important decisions to make

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Permanent TSB

Permanent TSB

Permanent TSB

Ulster Bank’s cautiously released ‘memorandum of understanding’ between its parent, NatWest, and Permanent TSB proposes the sale of certain customer blocks to the Irish bank, currently in majority ownership of the State.

PTSB, to the taxpayer’s relief will be, all going well, buying predominantly with shares rather than tapping us for more cash, but is cherry-picking, not unreasonably, the bits of the business it wants: performing profitable loans – business and domestic – around a third of the branches and up to 500 staff. It has made separate arrangements with AIB as the carve-up continues.

Conspicuous by their absence are tracker mortgages (being hived off to ‘strategic banking counterparties’ which may well be the new cuddly term for vulture funds) and current accounts.


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