Possibility of Ulster Bank continuing to run online-only current accounts

[itsme451]

Just thinking, based on this article that says current accounts aren't part of the Ulster Bank/PTSB deal, would there be much chance of UB remaining in the market as an online-only bank? Presumably their current accounts and credit cards would be profitable without the cost of branches, especially if they stop handling cash deposits or cheques at the same time.

Sorry, it won't let me post the link. I'll try to add it later. Was in the Irish Independent.

 

[JD2021]

Just thinking, based on this article that says current accounts aren't part of the Ulster Bank/PTSB deal, would there be much chance of UB remaining in the market as an online-only bank? Presumably their current accounts and credit cards would be profitable without the cost of branches, especially if they stop handling cash deposits or cheques at the same time.

Sorry, it won't let me post the link. I'll try to add it later. Was in the Irish Independent.

I've been wondering about KBC possibly remaining but online only as technically they are pretty much online only anyway with a small few hubs around the country, there App is also excellent.

My gut feeling is no re UB or KBC but who knows, I'd assume it would be much easier for kbc given they don't have a branch network as such to consider. Just a humble opinion of course

 

[Lightning]

One would guess that UB and KBC analysed an online only option as part of their exit considerations and one would guess that they could not still not find a viable business model.

 

[tomdublin]

If either bank went online only they would just become inferior versions of Revolut and N26 in terms of both technology and value offered. I can't see much of a market for that.

 

[MrEarl]

UB will not continue to run an online current account, after it winds down its retail business here.

There would not be sufficient income in it for NatWest, who have no ambition to remain in Ireland.

Expect UB to surrender its banking licence in the next 18-24 months, once it has completed the transactions with AIB, and PTSB.

Provision of services to existing customers, will be withdrawn in stages, over the next 24 months.

 

[deco87]

Will they recommend a credit card to replace the UB one , I wonder

 

[RedOnion]

Current accounts and credit cards, with a full banking licence and deposit guarantee factored in, would be loss making in the current environment.

 

[RedOnion]

Will they recommend

Will who recommend?

Unless UB can sell their card portfolio, they'll eventually convert any balance to a loan, and cancel the card. They won't be recommending anyone else's products to their customers.