Allied Irish Banks to acquire the majority of the commercial lending business from NatWest-backed Ulster Bank for $5bn.

Allied Irish Banks, a commercial bank in Ireland, agreed to acquire the majority of the commercial lending business from NatWest-backed Ulster Bank, a retail bank in Ireland, for $5bn. "In line with our strategy of a phased withdrawal from the Republic of Ireland, I am pleased that we have now reached agreement with AIB on the sale of the majority of Ulster Bank's performing commercial lending portfolio. Our priority remains to support our customers and colleagues through this period," Alison Rose, NatWest Group CEO.