The Competition and Consumer Protection Commission has given clearance for AIB's proposed purchase of Ulster Bank’s €4.2bn performing commercial loan book.
"Based on a review of the evidence available to it, the CCPC accepted the argument of the parties that Ulster Bank would cease to provide commercial loans to businesses in the State with turnover greater than €2 million, irrespective of whether or not the sale of its commercial loan portfolio to AIB proceeded," it said in a statement.
"International evidence shows that higher concentration in banking services is likely to have a detrimental effect on competition, leading to poorer outcomes for business borrowers in terms of pricing, innovation and service," the CCPC said.
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