We have entered into a legal agreement with Allica Bank, for the sale of a portfolio of performing loans.
SME loan portfolio sale
In December 2020 we announced that following a carefully considered strategic review, we would exit the commercial business market in Great Britain and withdraw all banking products and services that we currently provide to commercial business customers.
Our Asset Finance, Invoice Discounting and Merchant Services businesses will continue to operate as normal. Our future focus in the Great Britain market is on growing our Corporate Banking business to companies in the renewable, infrastructure, real estate, healthcare and manufacturing sectors.
As part of that decision we have entered into a legal agreement with Allica Bank Limited for the sale of a portfolio of loans and will co-ordinate this on a phased basis.
What do I need to do?
You don’t need to do anything at the moment.
It is important that you continue to make payments on your loan. Please do not cancel your Direct Debit or other payment arrangements for any loans or other credit arrangements you have with us.
Your repayment schedule and the terms and conditions of your loan will remain the same. There is no immediate impact on your loan product and your repayments will continue to be made to us as normal. The day-to-day management of your loan will remain with us until any transfer takes place.
When will this sale happen?
It is anticipated that the transfer will happen on a phased basis from the end of March 2022. We will write to you again to provide further information and to keep you informed to support your business through this transition.
We’re here to help
You can find more answers to frequently asked questions below or use the online enquiry form to send us any specific queries or complaints, relating to these product and service withdrawals.
We have also set-up a dedicated email address GBSME@AIB.ie and telephone helpline, 0345 6461505 open 09.00 – 17.00, Monday to Friday excluding Bank Holidays, to answer your questions and to provide you with further help and advice.
Frequently Asked Questions
What have you announced today?
Who is Allica Bank Limited?
Allica Bank is a UK authorised bank dedicated to supporting small and medium sized businesses (SMEs). Allica Bank has dedicated customer relationship managers and has been built to support SMEs each step of the way. You can find out more about Allica Bank by visiting allica.bank/welcome
As a customer what do I need to do?
Customers don’t need to do anything. Over the coming days we will write to customers who are impacted to explain more.
What will happen to my Direct Debit/ Standing Order?
Direct Debits/Standing Orders for your loan will continue to be collected by us. If we need customers to make alternative arrangements we will write in advance with any actions they need to take.
What happens to my CBIL/BBL loans?
The sale of any UK Government backed loans is subject to, among other things, approval from Her Majesty’s Government (HMG) and the British Business Bank (BBB). For now, nothing changes, you should continue to manage your loan in the same way and if there are changes to this we will contact you.
When will my loan actually transfer?
The loans will transfer on a phased basis. We anticipate this starting in March 2022. We will write to you in advance to explain more about the process.
I have other Allied Irish Bank (GB) products?
If you have other Allied Irish Bank (GB) products, please be reassured that we will provide advance notice of any changes. Allica Bank is keen to support customers with their banking relationship. You may receive further information about options for transferring some of your other banking products to Allica Bank during the course of 2022, including your business current accounts, overdrafts and deposit accounts.
Is Allied Irish Bank (GB) closing?
No, we are withdrawing some products and services for commercial business customers. We will continue to support our Asset Finance, Invoice Discounting and Merchant Services businesses, which will continue to operate as normal. Our future focus in the Great Britain market is on growing our Corporate Banking business to companies in the renewable, infrastructure, real estate, healthcare and manufacturing sectors.
As a business customer, will the business centre I use remain open?
As a result of this decision, we are closing all our business centre offices. Those offices that have been closed since March 2020, due to the Covid-19 pandemic, will remain permanently closed. Those that are currently open will close on 31 December 2021. A full list of closures is here.
If anything changes in the future, how much notice will you give me?
There will be many steps to the withdrawal process and our commitment to all customers is to keep them informed of these steps and ensure that you have all of the relevant information well in advance of any changes to products and services. If you do need to take action we will contact you to set out what this means for your business and for the products and services you have.
How can I make a complaint?
- Talk to your point of contact or your Relationship Team in the first instance.
- Use our dedicated email address GBSME@AIB.ie
- Use our online enquiry form
- Call us on 0345 6461505 open 09.00 – 17.00, Monday to Friday excluding Bank Holidays
Financial Ombudsman Service
You can refer your complaint to the Financial Ombudsman Service free of charge within six months of our final response, or within six months of our letter confirming we have resolved your complaint within four business days. You can contact them at:
Financial Ombudsman Service
Harbour Exchange Square
London, E14 9SR
Telephone - 0800 023 4567 (for calls from outside the UK) +44 20 7964 1000
Internet - www.financial-ombudsman.org.uk