ULSTER Bank has said a process to legally transfer its business in the north to NatWest in London will not impact any local jobs or the terms and conditions for customers here.
The lender’s parent owner NatWest launched the legal process at the High Court on Thursday to transfer the major part of Ulster Bank Limited to National Westminster Bank Plc (otherwise known as NatWest).
Subject to the legal process being completed on time, Ulster Bank Limited will cease to exist as a meaningful entity from May 3 2021.
All banking products will transfer to NatWest, which will also assume control of Ulster Bank customers’ personal data.
A spokesperson for Ulster Bank said customers will not see any change to everyday banking.
“This change simplifies our structure and reporting framework. Ulster Bank’s customers in Northern Ireland will continue to benefit from scaled innovation, product improvements and investment.
“The Ulster Bank brand will continue as it does today across our branches, products, services and online and mobile apps.”
However, the move marks a historic parting point for Ulster Bank as a business in the north.
The lender dates back to 1836 in Belfast, with the Ulster Banking Company first incorporated in 1867. In 1883, it legally became Ulster Bank Limited.
It was acquired by Westminster Bank in 1917, which merged with National Provincial Bank in 1968 to create NatWest.
The Royal Bank of Scotland (RBS) became its new parent owner after it acquired NatWest in 2000.
In 2015, RBS split Ulster Bank’s business on the island into separate operations in the north and south.
RBS decided to rebrand to NatWest in July 2020.
The Financial Services Union (FSU) yesterday reiterated its call for a banking forum to be established in response to the ongoing changes within the sector in the north.
The FSU has continued to urge NatWest to provide more information on an ongoing strategic review of its operation south of the border, which could see the business wound up.
Around 600 Ulster Bank employees in Belfast work directly in support of the southern operation.
