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Lombard Ireland presence in the Republic of Ireland

We remain fully open for all business from both new and existing customers.

An update from Lombard

Today, 17th December 2021, Ulster Bank announces an update on its phased withdrawal process as confirmed on 19th February 2021. This is a follow on from our announcement on 28th June 2021 confirming a binding agreement with AIB and our subsequent announcement on 23rd July 2021 confirming a non-binding memorandum of understanding with Permanent TSB Group (“Permanent TSB”).

Ulster Bank and its parent NatWest Group have agreed a binding agreement with Permanent TSB for the sale of performing non-tracker mortgages; the performing loans in our micro-SME business, Ulster Bank’s Lombard Asset Finance business, including the Lombard digital platform; and a subset of Ulster Bank branch locations.

The proposed sale will include a total of approximately €7.6bn gross performing loans as at 30th June 2021, the majority relating to non-tracker mortgages, and 25 of Ulster Bank’s 88 branch locations. This binding agreement is subject to further due diligence, obtaining regulatory approvals and satisfying other conditions. The proposed sale may not complete on the terms contemplated in the binding agreement, when envisaged by the binding agreement, or at all.

While there is currently no change for customers, in early 2022 Ulster Bank will begin to serve formal account closure notice to customers who have Ulster Bank current and deposit accounts. This means that those customers will need to Choose a new bank and prepare to Move and Close their accounts. Ulster Bank will ensure customers, including those in vulnerable situations, have ample notice periods as well as the support they need to complete the process.

Lombard remains fully open for all business from both new and existing customers. We will keep customers updated and will communicate directly with you via email and / or letter to provide advance notice of future changes to your Lombard asset finance product and any actions you may need to take in due course.

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