IRELAND’S COMPETITION WATCHDOG has announced an in-depth investigation into a proposed agreement between AIB and Ulster Bank.
The Competition and Consumer Protection Commission (CPCC) is moving to a full Phase 2 investigation of AIB’s loan portfolio, Ulster Bank, a portfolio of performing commercial loans.
In a statement, the CPCC said it had decided to examine whether the deal could significantly reduce competition in the Irish market.
“Following a thorough preliminary investigation, the CCPC has determined that a full investigation is necessary in order to establish whether the proposed transaction could result in a substantial lessening of competition in the state,” he said. in a press release.
“The CCPC will publish its Phase 1 determination no later than 60 working days after the date of the determination and after giving the parties the opportunity to request that confidential information be removed from the published version.
“All parties who wish to send submissions are encouraged to do so, by email to [email protected], before 4:30 pm on Friday, January 21, 2022.”
In June, banks struck a € 4.2 billion deal to see AIB take over corporate and corporate lending from Ulster Bank.
Under the agreement, AIB will acquire the portfolio and around 280 employees will be transferred to the bank.
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AIB CEO Colin Hunt said the acquisition “will further support the bank’s ambitious growth plans and position us to support Ireland’s business community and economic recovery as we emerge from the pandemic. “.
Earlier this year NatWest – the parent company of Ulster Bank – announced plans to pull the bank out of the Republic of Ireland over the next several years.