Ulster Bank UK parent to release annual financial results
Ulster Bank’s UK parent company NatWest is due to release its annual financial results later Friday morning amid reports the bank is expected to exit the Irish market.
Other reports indicate that no decision was made on the future of a company founded in 1836.
Ulster Bank in the Republic of Ireland has 2,800 employees and a loan portfolio of € 20.5 billion.
Irish Deputy Prime Minister Leo Varadkar said the bank’s potential withdrawal was a “matter of real concern” for the government.
On Thursday, he said Dublin Finance Minister Paschal Donohoe was weighing all options in an attempt to minimize job losses and reduce the negative impact this could have on competition in the sector.
He expressed concern about the effect on staff and customers of media speculation about the bank’s future.
Mr Varadkar told the Irish parliament, the Dail, that if it closed in Ireland all deposits and savings would be “fully protected”.
The company became a subsidiary of what is now known as NatWest in 1917.
In 2000, it was acquired by the Royal Bank of Scotland group.
Its operations in Northern Ireland are unaffected by the changes announced in the Republic.
It has retail banking and corporate banking branches.
Across the Republic and Northern Ireland, Ulster Bank employs 6,000 people.
It has around 1.9 million private and business customers through 174 outlets across the island of Ireland and a banking presence in every county.
It has 110 branches in the Republic of Ireland.
A corporate banking operation deals with professional clients.
It provides treasury and money market services, asset finance, online banking and international services.
In 2019, Ulster Bank’s total income declined due to non-performing loans after the sale of a mortgage portfolio.
Customer deposits increased and the bank posted higher operating profits a year ago.