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Ireland’s Competition Watchdog Clears AIB/Ulster €5.7B Bank Deal

 |  January 15, 2023

The Competition and Consumer Protection Commission (CCPC), Ireland’s competition watchdog, has cleared AIB’s acquisition of Ulster Bank’s tracker mortgages.

The mortgage portfolio is valued at c.€5.7 billion and agreement was reached between the parties in June 2022.

The deal was notified to the CCPC in August 2022. The watchdog said that following an extended Phase 1 investigation it has determined that the proposed acquisition will not substantially lessen competition for goods or services.

Read more: Watchdog Clears Bank Of Ireland To Acquire KBC Loans

Around 47,000 Ulster Bank borrowers are affected by the transfer, and AIB intends to engage a third party service provider to manage the mortgages.

The bank said that the Ulster Bank borrowers will retain their existing terms and conditions. The CCPC’s decision in relation to AIB/Ulster Bank is the last of the four notified mergers to be determined following the announcement of the exit of KBC and Ulster Bank Ireland’s banking market, which were signalled in 2021.