Finance

Regulator clears AIB/Ulster bank deal, sounds competition warning

Signage is seen outdoors a department of the Ulster Financial institution in Dublin, Eire, February 6, 2020. REUTERS/Phil Noble

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DUBLIN, April 28 (Reuters) – Eire’s competitors regulator on Thursday cleared Allied Irish Banks’ (AIB) (AIBG.I) acquisition of 4.2 billion euros ($4.4 billion) value of business loans from NatWest Group’s (NWG.L) departing Ulster Financial institution unit.

Nevertheless the Competitors and Shopper Safety Fee expressed considerations that Ulster Financial institution’s exit signifies that solely two retail banks will stay in Eire to serve the wants of corporations with turnover above 2 million euros.

Belgium’s KBC (KBC.BR) adopted NatWest in asserting its departure from the Irish market final yr. It agreed to promote most of its performing property, mainly mortgage loans, to AIB’s major rival Financial institution of Eire (BIRG.I) for five billion euros. learn extra

($1 = 0.9517 euros)

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Reporting by Padraic Halpin

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