The future of Ulster Bank in the Republic of Ireland looks uncertain amid reports that its UK parent is planning to wind down the lender. The Irish Times reported last week that Ulster Bank’s parent company, UK lender NatWest, is “actively considering” winding down Ulster Bank’s operations in Ireland as part of a strategic review of the organisation.

While NatWest or Ulster Bank have not confirmed or denied the reports, the story will come as a major shock to Ulster Bank’s 2,500 employees in Ireland as well as its hundreds of thousands of customers, many of whom are farmers.

Ulster Bank is the third largest retail bank in Ireland with over €22bn in deposits. The lender also has a sizeable number of farming customers and accounts for an estimated 15% of the €1bn market in new lending issued to farmers every year.