Ulster Bank withdrawal creates local uncertainty
THE residents of one of Sligo town’s most iconic buildings look set to leave following the announcement that Ulster Bank is to pull out of the Irish market. The bank confirmed last Friday that a phased withdrawal is to take place “over the coming years”.
The announcement has sparked concerns for customers as questions arose about accounts, mortgages and what may become of the building on the corner of Markievicz Road and Holborn Street.
The Central Bank said they will ensure that the withdrawal process will ensure all customers are treated fairly.
“The Central Bank has made clear to the management of Ulster Bank that it expects a customer-focused approach to be taken in all aspects of its business throughout the period of change and that it ensures that customers understand what this announcement means for them,” a spokesperson said.
Jane Howard, CEO of Ulster Bank, said she was disappointed to learn that the bank’s parent company, NatWest, has taken this decision.
“The decision by NatWest to withdraw from this market is hugely disappointing and this will be a difficult and worrying time for our colleagues across Ulster Bank. It may also lead to customer questions and concerns as to how this decision may impact them and their day-to-day banking needs.”
She went on to say that the bank is operating as normal for the short-term future and that no branches will be shutting their doors in 2021.
“I want to be clear that there will be no change for customers, changes will happen over the coming years.”
“Ulster Bank will continue to offer a full banking service in our branches, online and through normal channels for existing and new customers for the foreseeable future. Customers do not need to take any action as a consequence of this announcement.” “There will be no new compulsory departures from the bank this year. I am acutely conscious of our responsibilities to our colleagues and I am wholeheartedly committed to managing this process in a fair and responsible manner.”
Meanwhile, it was announced on Tuesday that Permanent TSB is in discussion with Ulster Bank about the acquisition of a large portion of their assets.
This move could see the largely state-owned bank take over a number of the 88 Ulster Bank branches, but there is no indication at this stage of which branches they may be seeking to acquire.
Permanent TSB is currently active in Sligo, with a branch on O’Connell Street, just 150 metres from the Ulster Bank building.