Ulster Bank is expected to outline a timeline for its remaining branch closures by the end of next month, after it began on Friday to close outlets acquired by Permanent TSB (PTSB), according to industry sources.
The UK-owned bank on Friday closed 12 of the 25 branches that are transferring to PTSB, ranging from locations in Ardee, Co Louth to Trim in Co Meath. These are on track to be rebranded and reopened by PTSB between late January and late February.
The other 13 branches, spanning locations in Athenry, Co Galway to Wilton in Cork, will close at lunchtime next Friday.
Ulster Bank warned customer of the 25 branches that their current accounts will not automatically transfer to PTSB and that those who have not yet found a new service provider should “make the necessary arrangements” to move and close their Ulster Bank accounts.
Ulster Bank has yet to disclose when it plans to close the 63 branches that have not been acquired by PTSB. However, it is expected to make an announcement by the end of February on dates of further closures as it continues to advance plans to exit the market. A spokeswoman the bank declined to comment on the time frame for closures beyond the 25 that are set to be rebranded as PTSB locations.
The lender said in November that it was targeting 450 voluntary redundancies across its branch network as part of a wider programme aimed at eliminating an initial 600 jobs from March. The company’s remaining workforce of close to 1,200 will be targeted in future redundancy rounds.
A further 600 staff have been transferring on a phased basis to AIB and Permanent TSB as the two Dublin-based banks take over much of Ulster Bank’s loan book.
Ulster Bank started to freeze inactive or low-use current and deposit accounts in early November after the initial wave of customers to be given six months’ notice to find alternative homes for their banking activities passed that deadline. The spokeswoman said the bank is continuing to focus, for the time being, only on freezing and closing accounts that are inactive or where there are fewer than five transactions a month. The last of the six-month notice periods is due to come to an end in April.
The latest Central Bank data shows that 45 per cent of Ulster Bank and KBC Bank Ireland accounts closed during the first 11 months of last year, leaving 674,780 open at the end of November. Almost 192,000 “primary” current accounts in departing banks remained open at that stage, despite a 50 per cent fall in the number of such accounts at the two banks between July and November.
Ulster Bank branches closed on Friday and set for rebranding as PTSB locations include:
Ardee, Co Louth
Ballyjamesduff, Co Cavan
Blackrock, Co Dublin
Blanchardstown, Dublin 15
Celbridge, Co Kildare
Enniscorthy, Co Wexford
Kilcock, Co Kildare
Lucan, Co Dublin
Ranelagh, Dublin 6
Rochestown Avenue, Co Dublin
Swords Pavilion, Co Dublin
Trim, Co Meath
Branches closing at 1pm on January 13th ahead of being rebranded as PTSB are:
Athenry, Co Galway
Ballybofey, Co Donegal
Ballyconnell, Co Cavan
Belmullet, Co Mayo
Buncrana, Co Donegal
Donegal town
Eyre Square, Galway
Killybegs, Co Donegal
Shannon, Co Clare
Thurles, Co Tipperary
Tuam, Co Galway
Westport, Co Meath
Wilton, Cork
