Retail Banking Sector
The Irish retail banking sector continued to trend towards
consolidating the sector into fewer providers in 2022. The industry
is also experiencing increasing challenges from new entrants from
outside the traditional banking sector.
Departing banks
Two of the five high street banks in the State – Ulster Bank
and KBC Bank – are progressing their plans to shut down their
Irish operations.
Ulster Bank announced that it was exiting the Irish market in
February 2021, leaving behind a 160-year legacy as one of the
State's bestknown high street banks. Shortly thereafter, KBC
Bank announced it was leaving Ireland after 49 years in the market.
Both banks are overseasparented, with NatWest owning Ulster Bank,
and KBC Bank being part of the Belgian KBC Group.
