CCPC clears AIB acquisition of Ulster Bank’s commercial loans

econda supported the Irish CCPC in this high profile banking acquisition, providing project management and expert analysis.

The case was cleared after a phase 2 investigation based on the counterfactual. While the CCPC acknowledged that the exit of Ulster Bank raises competition concerns, the sale of the loans following the decision to withdraw from Ireland was not deemed to create an SLC.

The press release and further information on this case can be found on the CCPC’s website, where the full determination will be published in due course.

Several other concentrations in the banking sector were notified to the CCPC around the same time, which are still being investigated (see e.g. Bank of Ireland / Certain Assets of KBC, AIB/BoI/PTSB - Synch Payments JV and PTSB / Certain Assets of Ulster Bank).