Ulster Bank is closing to new business as part of its phased withdrawal from the Irish banking market.

Ulster Bank is closing to new business as part of its phased withdrawal from the Irish banking market. 
The bank, which announced its departure in February after a strategic review, said this morning that it would stop accepting applications from personal customers for most new products and services by the end of October. 
As of today, business banking will be closed to new customers, with the exception of Lombard Asset Finance. Products and services for existing business customers remain unchanged for now.
Mortgages, however, will continue to be available to existing customers, although the bank will stop making exceptions for applicants who want to borrow outside the limits of the strict Central Bank lending rules.
Some availability for higher credit card limits and overdrafts will remain in place, too.
Ulster Bank is writing to its customers from today to explain the coming changes to its offering as it begins closing down, a process that will most likely take until at least the end of 2022. 
Today is another significant milestone and an expected step in the progress of our phased withdrawal, said Ulster Bank CEO Jane Howard.
“Our colleagues will continue to serve our customers throughout this phase and beyond, including those customers who need more support due to the nature of the product.
The news follows confirmation last week that Ulster Bank had signed a pre-agreement for Permanent TSB to take over its non-tracker mortgage and SME banking businesses, which include 7.6bn in assets.
The proposed transaction includes the transfer of 25 branches to PTSB, although does not involve a formal arrangement for Ulster Banks millions of current and deposit accounts.
Ulster Bank had already agreed to sell its 4bn corporate banking book to AIB, which is also reportedly in negotiations over the banks tracker mortgage portfolio, too.