Banking Business Transfer Scheme

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Ulster Bank's Transfer Notification

Ulster Bank Limited is transferring to NatWest

What you need to know about the transfer to NatWest

We’re planning to ask the High Court of Justice in Northern Ireland for approval to transfer most of the Ulster Bank Limited business to NatWest using a Court approved Banking Business Transfer Scheme (“Scheme”). 

What this means for you

There is no change to your everyday banking. You’ll continue to receive the same products, using the same branch, same sort code and account number and same card and cheque book, under the same Ulster Bank brand as you do today.

Your products will transfer to NatWest.

Your data controller will be NatWest and your personal data will be looked after in the way and for the same purpose as it is by Ulster Bank Limited today.

Our Ulster Bank business will continue to provide services for our customers who live, invest and do business in Northern Ireland. 

Once the changes have taken effect, accounts held at Ulster Bank and NatWest will be within the same regulated legal entity.

 

Today, if you have deposits with both Ulster Bank and NatWest, then each deposit is covered (currently up to £85,000 or £170,000 for a joint account) by the Financial Services Compensation Scheme (FSCS). Once the changes have taken effect, accounts held at Ulster Bank and NatWest will be within the same regulated legal entity.

Add your signposting title here… Important documents
If you think you would be adversely affected by the change, you have the right to make representations.

You can do this by:

Writing to us or the Court, with your reasons to:

Ulster Bank Transfer, Ulster Bank Limited, 11-16 Donegall Square East, Belfast BT1 5UB.

You can also present your views (in person or by legal representation) at the Final Court Hearing which is due to take place on 25 March 2021 at the Royal Courts of Justice, Chichester Street, Belfast BT1 3JF.

If you intend to appear or to be represented at the hearing, it would assist the process if you could let us know in writing of your intention, together with your reasons to the address given above. We’ll share your objections with the Court.

Whilst you can make your views known up until the day of the Final Court Hearing, it would assist the process if you could let us have any responses prior to 12 March 2021, we can address any concerns you may have.

Frequently asked questions
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Icon expand What is a Banking Business Transfer Scheme (Scheme)?

Under the Financial Services and Markets Act 2000 (FSMA 2000) a Banking Business Transfer Scheme (BBTS) is a Court approved process which we’re using to transfer the business currently carried out by Ulster Bank Limited to National Westminster Bank Plc (NatWest).

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Icon expand Why are you making this change?

Ulster Bank Limited is a wholly owned subsidiary of National Westminster Bank Plc (“NatWest”). The change enables us to simplify the structure and management of NatWest Group’s legal entity and governance structure and reduce associated costs.

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Icon expand What is the relationship between Ulster Bank and NatWest?

Ulster Bank Limited is a wholly owned subsidiary of National Westminster Bank Plc (“NatWest”).

Ulster Bank was acquired in 1917 by London County & Westminster Bank (later Westminster Bank, one of NatWest's founding banks), but continued to operate separately. It’s headquartered in Belfast and does not have any customer-facing activities outside Northern Ireland. It was formerly the parent company of Ulster Bank Ireland DAC, which now operates as a sister company within the NatWest Group in the Republic of Ireland.

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Icon expand Are NatWest customers affected by the Scheme?

There is no change for NatWest customers to their range of accounts, customer terms and conditions, or banking channels.

If the Scheme is approved NatWest customers will not be able to use any Ulster Bank branch or channel, unless they choose to open an Ulster Bank account. 

Ulster Bank Limited customers who already bank with NatWest should be aware that their FSCS protection, guarantors and rights may be affected. Please refer to the Transfer Scheme booklet. 

 

 

For more answers to questions you may have visit our FAQs page here.

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