Banking

Watchdog finds AIB deal to buy €6bn of Ulster Bank mortgages won’t damage competition

The Competition and Consumer Protection Watchdog has cleared the deal, allowing AIB to buy a portfolio with up to 40,000 tracker loans

AIB: first announced last April it was in exclusive talks to buy Ulster Bank’s tracker mortgage portfolio. Picture: Bloomberg

The state’s competition watchdog has cleared AIB’s proposed acquisition of nearly €6 billion worth of Ulster Bank tracker mortgages, as the Natwest-owned lender exits the Irish market.

The Competition and Consumer Protection Watchdog (CCPC) this morning confirmed that its stage one investigation into the acquisition was complete, and had determined that the deal would not substantially lessen competition in the Irish market.

The regulator was notified of the proposed deal, which involved €5.7 billion worth ...