AIB chief: Ulster and KBC's departure is bad for banking

Colin Hunt said competition remains in other forms from fintechs and new entrants 

Colin Hunt, CEO of AIB, ruled out the suggestion that the acquisition of Goodbody was an attempt to circumvent pay restrictions on bankers.

The departure of Ulster Bank and KBC from the Irish banking market is bad for the industry, the head of AIB has said.

Colin Hunt was speaking at the Oireachtas Joint Committee on Finance just days after his bank agreed terms to acquire Ulster's €4.3bn commercial loan book.