Ulster Bank
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| Private | |
| Industry | Financial services |
| Founded | Belfast, Ulster, United Kingdom (1836), as the Ulster Banking Company |
| Headquarters | Dublin, Ireland |
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Key people
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Gerry Mallon Paul Stanley Eddie Cullen Richard Donnan |
| Products | Various banking products |
| Owner | UK Financial Investments |
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Number of employees
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3,250 (2013) |
| Parent | The Royal Bank of Scotland Group |
| Website |
www www |
Ulster Bank is a large commercial bank, and one of the traditional Big Four Irish banks. The Ulster Bank Group is subdivided into two separate legal entities, Ulster Bank Limited (UBL – registered in Northern Ireland) and Ulster Bank Ireland DAC (UBIDAC – registered in the Republic of Ireland). The Group's headquarters (and UBIDAC's) is located on George's Quay, Dublin, in the Republic of Ireland whilst the official headquarters of UBL is in Donegall Square East, Belfast, in Northern Ireland, and it maintains a large sector of the financial services in both the UK and the Republic of Ireland.
Established in 1836, Ulster Bank was acquired by the Westminster Bank in 1917. As a subsidiary of National Westminster Bank (NatWest), it became part of The Royal Bank of Scotland Group in 2000. It has 146 branches in the Republic of Ireland and 90 in Northern Ireland with over 1,200 non-charging ATMs. The Group has over 3,000 employees and over 1.9 million clients.
Ulster Bank was founded as The Ulster Banking Company in Belfast in 1836. The bank was formed by a breakaway faction of shareholders in the newly formed National Bank of Ireland, founded in 1835, who objected to the latter bank's plan to invest profits from the bank in London rather than in Belfast. The founding directors of the bank were John Heron, Robert Grimshaw, John Currell a linen bleacher from Ballymena, and James Steen, a Belfast pork curer.
In 2002 three Ulster Bank employees were arrested on charges of theft and money laundering. The three were responsible for the destruction of old banknotes at the bank's former Waring Street cash centre. Between November 2001 and February 2002 they were accused of stealing approximately £900,000 of used banknotes designated for disposal. The money was then placed in various bank and building society accounts. On 23 January 2004 the men were jailed for two and a half years for the theft of £770,000. Lord Chief Justice Sir Brian Kerr criticised the bank's security measures during the trial.
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Wikipedia