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The bank confirmed on Friday morning that it was in talks with NatWest to acquire the tracker mortgage portfolio.
In a statement, AIB said that any potential transaction remains subject to negotiation and agreement.
Ulster Bank announced last year that it plans to leave the Irish market.
The Irish Finance Minister welcomed the announcement by AIB.
Paschal Donohoe said: “The successful conclusion of this transaction by AIB would be very positive in providing a significant number of Ulster Bank customers with certainty as to the destination of their mortgages.
“I am hopeful that these discussions will lead to a successful outcome. However, I do appreciate that the conclusion of this transaction is subject to normal due diligence, agreement of final terms, as well as obtaining appropriate approvals.
“I would also like to take this opportunity to note that the CCPC has given its clearance to AIB to complete its acquisition of Ulster Bank’s corporate and commercial loan book from NatWest Group.
“Again, this is a very positive development for Ulster Bank customers whose loans will be transferring to AIB and also, for the Ulster Bank staff who will be moving to AIB as part of the transaction.”
AIB chief executive Colin Hunt said that CCPC approval was “another important milestone” for the bank.
“We look forward to working with our new customers and equally our new colleagues from Ulster Bank as they move to AIB Group,” he said.