Going to need a new business account... aib content..

[gotoPzero]

I heard yesterday that AIB GB are pulling out of the UK with basically immediate effect. (31st Dec)

Very, very disappointing. I have not had any formal communication from them yet but I called them and they said it is true and they expect us to find a new bank before the end of December and we should get a letter in the next few days advising us of this.

WTF.

Obviously with business its not as simple as just switch - we have a sizable overdraft which we generally use from about this time of the year into Feb / March. So worst possible timing. Plus getting everything set up again with suppliers and customers. Could cause serious cash flow issues.

We have banked with them for 30 years so really very annoyed how they have dealt with this.

Anyone got any good suggestions?

[Ean218]

Surprised you're surprised, they announced they were closing stuff down in the UK last year.

[gotoPzero]

No letter, no email, nothing on the online banking... so no real way to know.
The vast majority of businesses I do business with are also with aib and they also did not know.

They told me today they have not actually informed most customers yet.
Some have been told - others not. They say we should get formal notice in the next few weeks once they have sorted some issues out.

So some good news is it looks like we will get till maybe March to sort a new account out.

Apparently I am not the only one they have been flooded with calls the last few days so its not just me.

Anyone got any suggestions of who is a good business bank?

[thefamoushoops]

Thanks for the post, this is how I found out they were closing our accounts.

Do we have until March to look for an alternative?

I was worried it was going to be 31st December this year.

[gotoPzero]

All they could tell me was the letter they will send will give us 90 days.

Knowing the AIB that letter could arrive next week or next year.

I have heard they are looking to sell some accounts to another bank.

[thefamoushoops]

gotoPzero said:

All they could tell me was the letter they will send will give us 90 days.

Knowing the AIB that letter could arrive next week or next year.

I have heard they are looking to sell some accounts to another bank.

I sent them an email to find out what was happening, this is their reply.



In December 2020 the Bank announced the completion of a strategic review, AIB GB’s future focus will be on lending to corporate companies in the renewable, infrastructure, real estate and manufacturing sectors. At the time they also announced they would exit the commercial market for business under £5 million in Great Britain, resulting in a wind down of some related products and services.

There was not a formal communication to customers as it was not finalised as to what form the exit from the market would take. Currently the Bank are concluding a process to sell the loan book for loans under £5m. This process is likely to conclude in the next month and at that point a communication will be sent to advise how it will impact you.

What is likely to happen is that you will need to close the AIB Bank accounts and either open new ones or start using facilities already set up with another Bank that you have.

There will be communications coming out giving more details and timescales but that is what is happening in the background at the moment. I apologise that you have heard this not directly from the Bank but until the sale of the book has concluded they have not issued anything formally to those impacted customers. Some customers without lending facilities started to get letters last week and this has caused some confusion.

We will be in touch as soon as possible to provide further information, in the meantime if you have any questions please do not hesitate to give me a call.

[JZZ30]

Has anyone received official notification yet?

[gotoPzero]

nothing here

[quinny100]

A partnership I do a bit of work for had notification their AIB business accounts were being closed back in May this year. At the time their official line was “We no longer have an appetite for <your business sector > related accounts”, but one of the branch staff told them they were largely pulling out of business current accounts.

Customers for over 40 years and had a substantial overdraft facility. Due to their line of business they have been refused accounts by all the mainstream banks. They’ve managed to get an account open with one of the challenger banks but it’s very basic and the fees are crazy.

[Aquarius909]

AIB have confirmed that they have sold their asset finance book to Allica Bank

https://www.irishtimes.com/business/financial-serv...

"AIB chief executive Colin Hunt announced last December that the bank was retrenching from the British SME market, while doubling down in corporate lending in niche areas such as renewable energy, manufacturing and warehousing".

HTH.

[DaveA8]

Aquarius909 said:

AIB have confirmed that they have sold their asset finance book to Allica Bank

https://www.irishtimes.com/business/financial-serv...

"AIB chief executive Colin Hunt announced last December that the bank was retrenching from the British SME market, while doubling down in corporate lending in niche areas such as renewable energy, manufacturing and warehousing".

HTH.

Interesting link but what was even more interesting is how the GFC and Nama and personal insolvency related to events in 2009/10 are still hanging around and creating issues for some today.
To be fair to these guys and whatever they were up to, to have it hanging around 12 years on, must be very wearing.
At the other end of the scale are the chosen few as per Nama Wine lake who seem to have propelled themselves forward no end in spite of massive debts.

[JZZ30]

Does anyone have an address to pay in a cheque?

Post office say it has to be in an AIB envelope, website says collect envelope from business centre!

[JZZ30]

I phoned them up (gave up a couple of times after 20 mins waiting, 3rd time was answered in 10 mins) asking for an address to send the cheque but I can only use the deposit envelopes at a post office. They are sending some out, but only to our registered address (accountant), so ill need to get them sent on again.