Ulster Bank reveals businesses are slow to switch due to 'complexity' of process

There are often several documentation requirements for a business looking to switch bank.

KBC and Ulster Bank are set to leave the retail banking market in he Republic next year. Picture: Brian Lawless

Ulster Bank met with other industry representatives in a final push to get business customers to switch their accounts before the bank exits the market in the Republic.

In a separate meeting, the Banking and Payments Federation Ireland (BPFI) met with the Central Bank, ComReg and the Commission for Regulation of Utilities (CRU) to discuss a co-ordinated approach for customers moving from KBC and Ulster Bank which are preparing to fully exit the retail banking market in the Republic next year.