ULSTER BANK CUSTOMERS will be given at least six months notice to close their accounts before the bank exits the Irish market next year.

Ulster Bank’s chief executive told an Oireachtas committee today that the retail bank will not close any of its 88 branches during the first half of 2022.

The withdrawal from Ireland has caused headaches for customers who will have to find a new provider at some point in the next 12 months.

Jane Howard said that the financial institution will begin sending formal letters of notice of six months to customers towards the end of the first quarter of 2022.

The letters will instruct customers to choose a new bank; move to that bank; and close their Ulster Bank accounts.

“This applies to both personal and business customers. Customers don’t need to take action until they receive their letter but we are talking to them now to give as much preparation time as possible,” Howard said today.

“This ‘Choose, Move, Close’ readiness campaign is an important step in our closure, not just for customers but for the industry too and we must work together on this to ensure the safe transition of customers to their new provider,” she added.

The CEO said that there would be no bank-wide voluntary redundancies before the end of June next year.

Howard told the committee that Ulster Bank and Permanent TSB are working towards a binding agreement on the sale of performing non-tracker mortgages, performing micro-SME business loans and Ulster’s Lombard Asset Finance business, as well as 25 Ulster Bank branches, for €7.6 billion.

AIB has already agreed to take on €4.2 billion worth of Ulster Bank’s corporate and commercial loans. Almost 300 Ulster Bank staff will transfer to AIB as part of the agreement.

Howard said the bank expects to find out in January whether the agreement will require a phase two investigation by the Competition and Consumer Protection Commission.