AIB's proposed acquisition of the tracker mortgage portfolio of the departing Ulster Bank has been cleared by the competition watchdog.
The Competition and Consumer Protection Commission (CCPC) said its extended Phase 1 investigation had determined that the purchase would not substantially lessen competition.
Last April AIB said it has started exclusive discussions with NatWest around the acquisition of about €5.7 billion of Ulster Bank's performing tracker mortgages.
Around 47,000 tracker loans are included in the sale.
The CCPC was notified of the plan in August and conducted an extended Phase 1 probe of the proposals.
AIB welcomed the news that approval has been given and said the transaction and customer migration are expected to completed by the end of June.
"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," said AIB chief executive, Colin Hunt.
"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."
This is the last of four proposed deals stemming from the departures of Ulster Bank and KBC from the Irish market that have been considered and cleared by the CCPC.
Last year it granted clearance for AIB's proposed purchase of Ulster Bank's €4.2 billion performing commercial loan book.
It also cleared Bank of Ireland's planned acquisition of KBC assets and PTSB’s purchase of additional Ulster Bank loans, branches and other operations.
