Ulster Bank employees, who are members of the Financial Services Union (FSU), have voted in favour of a transfer to Allied Irish Banks (AIB).

In a statement, FSU said that the workers ‘narrowly’ passed the terms of transfer from Ulster Bank to AIB.

The terms of the deal were negotiated between the FSU and AIB.

FSU Industrial Relations, and Campaigns head Gareth Murphy said: “The vote by the members to accept the terms concludes months of intense and difficult negotiations between the FSU and AIB.

“We believe these proposals, agreed today by our members, best protects members working conditions in the move to AIB.

“The agreed deal protects jobs, retains many existing working conditions, and enhances others. It provides certainty on pension entitlement into the future, protects existing working hours and gives certainty on pay.”

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By GlobalData

Overall, around 250 Ulster Bank staff will transfer Ulster Bank to AIB starting from next month.

Notably, NatWest-owned Ulster Bank is currently in a process to withdraw from the Irish market.

Earlier this year, the local competition authority green lighted AIB’s acquisition of a €4.2bn performing corporate and commercial loan book of Ulster Bank.

Recently, AIB also signed a binding agreement to acquire Ulster Bank’s €5.7bn tracker and linked mortgage portfolio.

Commenting on the transfer of employees, FSU general secretary John O’Connell said: “This is an important step in the process of transferring staff with their work and involved long and protracted negotiations which centred on key points such as pensions and benefits.”