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RBS' Ulster Bank says to refund 18,000 overcharged business customers

Reuters - UK Focus

DUBLIN, June 14 (Reuters) - Royal Bank of Scotland (LSE: RBS.L - news) 's Irish subsidiary Ulster Bank is to issue tens of millions of euros in refunds after overcharging business customers on interest payments, the bank said on Wednesday.

The bank said 18,000 customers had been overcharged an average of "less than 2,000 euros", implying a total repayment of less than 36 million euros.

"We sincerely apologise to our customers for this," Ulster Bank’s Managing Director of Commercial Banking, Eddie Cullen said in a statement. "We recognise that full resolution is essential for customers and in building their trust in Ulster Bank." (Reporting by Conor Humphries; Editing by Elaine Hardcastle)