Ulster Bank writes to customers of its pension and investment products about closure        

There are, nonetheless, widespread concerns about the support available for customers in switching out of Ulster and KBC Bank
Ulster Bank writes to customers of its pension and investment products about closure        

Ulster Bank has struck deals to transfer €7.6bn in loans to Permanent TSB and for AIB to get €3.7bn in commercial loans and €6bn in tracker mortgages.

Ulster Bank said it has started writing to customers holding pensions and other investments sold by the bank as an intermediary on behalf of Irish Life. 

The announcement marks another step as the lender prepares to exit banking in the Republic.

The latest development, however, will likely be less troubling for customers than the disruption caused to its holders of mortgages and current accounts because Ulster Bank has had a deal to sell Irish Life products for over a decade.  

"In this context, since customer policies are already provided by Irish Life Assurance, the terms and conditions of the policies are not affected in any way," Ulster Bank said in a statement.

"Ulster Bank is writing to customers to inform them of this transfer, which includes the transfer of their personal data that we hold relating to the advice given by Ulster Bank and to offer customers an opportunity to opt out, should they so wish," the lender said. 

There are, nonetheless, widespread concerns about the support available for customers in switching out of Ulster and KBC Bank, which is also closing its doors.  

Ulster Bank has struck deals to transfer €7.6bn in loans to Permanent TSB and for AIB to get €3.7bn in commercial loans and €6bn in tracker mortgages. Separately, KBC Bank has an agreement to transfer €9bn in mortgages to Bank of Ireland.  

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