AIB Group PLC AIB - CCPC clearance tracker mortgages acquisition (7100M)
January 13 2023 - 6:15AM
UK Regulatory
TIDMAIBG
RNS Number : 7100M
AIB Group PLC
13 January 2023
13 January 2023
AIB Group plc receives CCPC clearance for the acquisition of
Ulster Bank's performing tracker mortgages
AIB Group plc confirms and welcomes the receipt of competition
clearance from the Competition and
Consumer Protection Commission (CCPC) on 13 January 2023 for the
acquisition of a circa EUR5.7 billion Ulster Bank performing
tracker (and linked) mortgage portfolio.
In line with previous guidance, the Group expects a CET1
reduction of circa 60bps reflecting increased risk-weighted assets
of circa EUR2.5 billion in relation to the portfolio. The
acquisition was priced at 95.15% of par value and is expected to be
enhancing to RoTE in 2023. The transaction and customer migration
are expected to complete by H1 2023.
AIB Group plc Chief Executive, Colin Hunt, commented:
"We set out our new medium-term targets in December 2022 and as
we start the year we continue to make progress on the execution of
our strategy. Receipt of CCPC approval is another important
milestone in the Group's transformation and follows the acquisition
of Ulster Bank's corporate and commercial loans which are in the
process of migrating to AIB Group plc. We look forward to welcoming
these new customers from Ulster Bank as well as the many more new
customers we are pleased to welcome to the Group as the Irish
banking landscape evolves. I would like to acknowledge the huge
efforts and thank everyone who has worked on this significant
transaction involving c. 47,000 customers and c. EUR5.7 billion of
mortgages."
AIB Group plc will issue its 2022 full year financial results on
8 March 2023.
-ENDS-
For further information, please contact:
Niamh Hore / Siobhain Walsh Paddy McDonnell / Graham Union
Group Investor Relations Media Relations
AIB Group plc AIB Group plc
Dublin Dublin
Tel: +353-86-3135647 / +353 -87-3956864 Tel: +353-87-7390743 / +353-1-6412430
email: niamh.a.hore@aib.ie email: paddy.x.mcdonnell@aib.ie
siobhain.m.walsh@aib.ie Graham.x.union@aib.ie
Forward Looking Statements
This document contains certain forward looking statements with
respect to the financial condition, results of operations and
business of AIB Group and certain of the plans and objectives of
the Group. These forward looking statements can be identified by
the fact that they do not relate only to historical or current
facts. Forward looking statements sometimes use words such as
'aim', 'anticipate', 'target', 'expect', 'estimate', 'intend',
'plan', 'goal', 'believe', 'may', 'could', 'will', 'seek',
'continue', 'should', 'assume', or other words of similar meaning.
Examples of forward looking statements include, among others,
statements regarding the Group's future financial position, capital
structure, Government shareholding in the Group, income growth,
loan losses, business strategy, projected costs, capital ratios,
estimates of capital expenditures, and plans and objectives for
future operations. Because such statements are inherently subject
to risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward looking
information. By their nature, forward looking statements involve
risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. There are a number of
factors that could cause actual results and developments to differ
materially from those expressed or implied by these forward looking
statements. These are set out in Principal risks on pages 28 to 30
of the Annual Financial Report 2021 and updated on page 37 of the
Half-Yearly Financial Report 2022. In addition to matters relating
to the Group's business, future performance will be impacted by the
direct and indirect impacts of the COVID-19 pandemic, the direct
and indirect consequences of the Russia-Ukraine War on European and
global macroeconomic conditions, the impact of higher inflation on
customer sentiment and by Irish, UK and wider European and global
economic and financial market considerations. Any forward looking
statements made by or on behalf of the Group speak only as of the
date they are made. The Group cautions that the list of important
factors on pages 28 to 30 of the Annual Financial Report 2021 is
not exhaustive. Investors and others should carefully consider the
foregoing factors and other uncertainties and events when making an
investment decision based on any forward looking statement.
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