UB to phase out new applications for personal banking

The change comes into effect from close of business October 29, 2021.

Ulster Bank has informed customers of its decision to not accept any new application requests for Personal Banking products as part of its announced phased withdrawal from the Republic of Ireland.

The change comes into effect from close of business October 29, 2021.

However, there are some exceptions to this change for existing customers.

Ulster Bank says it will continue to accept applications from all existing customers for new mortgage lending after close of business October 29.

They will also accept overdraft applications for both new and increased limits from existing current account customers in limited circumstances to provide customers access to short term emergency funds.

“There are some further exceptional circumstances, relating to Credit Cards, Home and Car Insurance and Financial Planning Advice, which may impact a limited number of customers,” said the statement, which was emailed to all Ulster Bank customers earlier this morning.

Ulster Bank Ireland DAC made the announcement that the Bank has commenced a phased withdrawal from the Irish banking market back in February of this year.

Last month it was announced that Ulster Bank in the Republic of Ireland and NatWest Group plc, had agreed a non-binding memorandum of understanding (MOU) with Permanent TSB for the proposed sale of certain assets to include a subset of Ulster Bank branch locations.

Banks in Ballyconnell and Ballyjamesduff are among 25 Ulster Bank branches being traded by Ulster Bank to Permanent TSB as part of a new deal struck.

Ulster Bank, the State’s third largest lender, a brand synonymous with this region for 180 years, confirmed earlier this year that the brand would soon disappear from the retail landscape in the 26 counties.

There are three branches currently operating in the county at Cavan Town, Ballyconnell and Ballyjamesduff employing around 40 staff between them.

As part of the deal, PTSB has cherry-picked a handful of Ulster Bank’s 88 branch locations. The Cavan Town branch is not included in the list of 25 branches, nor are other still existing branches located in Monaghan Town, Longford, Mullingar and Navan.

The latest change to Ulster Bank’s corporate structure, which is still expected to maintain a presence in the North, follows the closure of the large swathe of branches in recent years.

Belturbet, Killeshandra, Kilnaleck, and a part-time operation in Swanlinbar all closed in 2013, along with the bank’s branch in Castlepollard. The following year branches in Clones and Castleblayney in Co Monaghan; Granard in Co Longford and Manorhamilton, Co Leitrim, also shut.

Then in 2017, the lender closed two more branches locally - this time in Arva and Cootehill.

Ulster Bank said the non-binding MOU is subject to further due diligence, the negotiation and completion of a final binding agreement, obtaining of regulatory approval, and satisfying other conditions. “The proposed sale may not complete on the terms contemplated in the MOU, when envisaged by the MOU, or at all.”

A spokesperson for Ulster Bank stressed that the financial provider will “not close” any branches in 2021, and “do not” anticipate closing any branches in the first half of 2022.