SBP: RBS Reviewing the Future of Ulster Bank

[Lightning]

The Sunday Business Post are reporting that RBS are reviewing the future of Ulster Bank.

The review called 'Project Emerald', apparently has several options including:
To scale down the Ulster Bank operation or to
Become a niche-service player or to
To dispose of Ulster Bank.

The article reports that the complete closure of Ulster Bank is "unlikely".

The ongoing funding of Ulster Bank by RBS is also been looked at.

Looks like, at the very lest, that a much reduced Ulster Bank operation is on the cards.

 

[wbbs]

That's depressing! I have many good friends there and it has been a tough few years for them with the two rounds of redundancies already, I think everyone has always wondered what the long term plan of RBS was. Several years ago I read on this forum that the biggest job losses in the economy after construction would be in banking, might not have been far from the truth.

 

[Bronte]

Less competition, not that there's much of it, and back to the big two again.

 

[Lightning]

More speculation on an Ulster Bank exit.

According to NamaWineLake.

Towards the end of last week, there was unverified speculation in Dublin that Ulster Bank, owned by troubled British banking giant, Royal Bank of Scotland was considering an exit from the Irish market. Ulster Bank has already been flogging loan portfolios in an obvious bid to reduce its exposure in the Irish market, but the fear is that a more substantial action is afoot. Nothing came of the speculation, but the bank’s actions will be scrutinised closely in future, to see if a more radical exit is on the cards.

 

[theresa1]

My crazy idea would be to merge it with PTSB and even EBS and then Virgin Money to take it over and actually offer competition - maybe I was dreaming!

 

[Brussels]

Look what happened when all the 'new' competitors entered the Irish market in the early 2000's - and look at the disaster they left behind. With proper regulation we can still have a very competitive banking offering with a small number of banks. Bear in mind we are a small country with a small economy and population.

 

[WizardDr]

It seems clear that had RBS known the potential size of the losses that it would have done a BOSI job and headed swiftly for the exits.

UB is still a big drag on RBS.

If it was in the FT it could be viewed as RBS speak but in SBP its hard to say.

 

[Lightning]

Indo: RBS Offer No Comment on Ulster Bank Closure Speculation.

http://www.independent.ie/business/...t-final-cost-likely-to-be-higher-3281172.html

The bank did not comment on speculation on its future plans, including whether its parent, Royal Bank of Scotland, was preparing to withdraw from the Irish market.

"We have a business strategy in place to address our cost-to-income ratio, which remains too high," Ulster Bank said.