AIB cleared to acquire Ulster Bank's €5.7bn tracker mortgages

The decision brings an end to the competition authority's role in examining the impact of the transfer of assets from Ulster Bank and KBC

The decision means 47,000 mortgage customers will migrate from Ulster to AIB in the first half of this year. Picture: Aidan Crawley/Bloomberg

AIB has been cleared to acquire Ulster Bank's tracker mortgage portfolio worth €5.7bn by Ireland's competition watchdog.

The decision means 47,000 mortgage customers will migrate from Ulster to AIB in the first half of this year. AIB acquired the loan book from Ulster priced at 95.15% par value.