AIB recorded the largest number of account openings in a week as both Ulster Bank and KBC Bank Ireland customers are trying to open new accounts.
In the week leading up to May 29, approximately 11,000 customers signed up for AIB accounts. This includes both current and deposit accounts. This number has increased by 122% compared to the same week last year, and the number of new accounts opened by this year has increased by 61%.
Last year, customers opened 99,000 accounts, but in the first half of 2022, 160,000 accounts were opened.
The AIB said it has focused on a “consistent upward trend” in opening accounts since both Ulster Bank and KBC have announced their intention to withdraw permanently from the Irish market.
Ulster Bank plans to suspend customer transactions by the end of March 2023, and KBC will close all transactions by the end of August 2023.
Both Ulster Bank and KBC have written to notify their customers that they have six months to close their accounts. KBC will also stop accepting applications for its products after July 15th.
Currently, Ulster Bank has approximately 360,000 checking accounts and KBC has 130,000 checking account customers.
To meet demand, AIB hired 700 temporary staff and relocated 300 existing staff.
Jim O’Keefe, Managing Director of Retail Banking, said:
He added that 70pc individual customers can now open accounts directly online.