5 September 2023

McCann FitzGerald LLP advises AIB on the acquisition and migration of Ulster Bank’s Corporate Loan Book

We are delighted to have worked with our long-standing client Allied Irish Banks, p.l.c. (“AIB”) on the completion of the project to migrate Ulster Bank Ireland DAC’s (“Ulster Bank”) corporate and commercial loan book.

Following the announcement of Ulster Bank’s intention to withdraw from the Irish market in February 2021, we advised AIB on the signing in June 2021 of a binding agreement for the acquisition of the book (please see more information here) and the subsequent notification to, and obtaining of competition clearance from, the Competition and Consumer Protection Commission which was received in April 2022.

Given the size, complexity and product diversity of the portfolio, the migration of loans and other facilities took place on a phased basis over a period of 15 months, beginning in May 2022 and completing recently, bringing the two and a half year project to a close. 

The transaction was recognised by Finance Dublin as the Financial Services Corporate Banking Deal of the Year in 2023.

Key members of the McCann FitzGerald LLP completion team included Aidan Lawlor (Corporate), Adrian Farrell, Fergus Gillen, Hugh Beattie and Sarah Pickering (Finance), Jennifer Halpin (Real Estate), Paula Fearon, Patrick Jones, Gillian Keane and Maria Hayes (Project Services), Áine Murphy (Litigation), Josh Hogan (Financial Services Regulation) and Eleanor MacDonagh and Deirdre Barnicle (Tax).

Key contacts