Allied Irish Banks (AIB) has entered into exclusive talks with UK-based NatWest to acquire Ulster Bank’s tracker and linked mortgage portfolio.

The assets under consideration are valued at approximately €6bn.

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Concurrently, the bank confirmed that it has secured regulatory clearance to buy Ulster Bank’s performing corporate and commercial loans portfolio worth nearly €3.7bn.

The deal, which was announced in June 2021, will also see nearly 280 employees join AIB.

AIB said it will begin migrating loans in a phased manner over the coming months.

AIB chief executive Colin Hunt said: “Receipt of Competition and Consumer Protection Commission (CCPC) approval is another important milestone in AIB’s inorganic strategy and follows the successful integration of Goodbody last year. We look forward to working with our new customers and equally our new colleagues from Ulster Bank as they move to AIB Group.”

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AIB’s announcement and Competition and Consumer Protection Commission’s (CCPC) approval were welcomed by Irish Finance Minister Paschal Donohoe.

“The successful conclusion of this transaction by AIB would be very positive in providing a significant number of Ulster Bank customers with certainty as to the destination of their mortgages,” he said.

The divesture of Ulster Bank’s assets is part of the NatWest’s decision announced in February 2021 to withdraw from the Republic of Ireland after it incurred heavy losses.

In December that year, NatWest signed a €6.4bn cash deal with Permanent TSB to offload Ulster Bank’s retail business.