|Type||Private – Subsidiary of The Royal Bank of Scotland Group|
|Founded||Belfast, United Kingdom (1836) as the Ulster Banking Company|
|Key people||Jim Brown (MD)
|Products||Various banking products|
|Parent||The Royal Bank of Scotland Group|
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 Limited (UBIL – registered in the Republic of Ireland). The Group's headquarters (and UBIL's) is located in George's Quay, Dublin in the Republic of Ireland whilst the official headquarters of UBL is in Donegal Square East, Belfast, in Northern Ireland, and it maintains a large sector of the financial services in both the UK and Ireland. The Bank is a subsidiary of National Westminster Bank, part of The Royal Bank of Scotland Group since 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 6,000 employees and over 1.9 million clients.
From 1968 until 2005, Ulster Bank's logo was three chevrons – identical to that of the National Westminster Bank, its owner. The bank changed to the RBS logo and typeface style in October 2005. The bank is one of the four banks that issue Pound sterling banknotes in Northern Ireland.
Ulster Bank offers Visa Debit cards to customers with their current accounts, having previously issued Maestro (formerly Switch) and Laser debit cards to NI and ROI customers respectively, in addition to other financial services. It launched 15 new commitments to its retail customers in September 2010.
In common with the other Big Four banks of Northern Ireland, Ulster Bank retains the right to issue its own banknotes. These are pound sterling notes and equal in value to Bank of England notes, and should not be confused with banknotes of the former Irish pound.
Ulster Bank's current notes all share the same design of a view of Belfast harbour flanked by landscape views; the design of the reverse is dominated by the bank's coats-of-arms. The principal difference between the denominations is their colour and size. Most recent notes incorporate the NatWest chevron, as previously used by the Ulster Bank; however, the most recent issue of the 10 and 20 pound note incorporates their new logo, which is based on that of The Royal Bank of Scotland.
- 5 pound note, grey
- 10 pound note, blue-green
- 20 pound note, purple
- 50 pound note, blue
In November 2006 Ulster Bank issued its first commemorative banknote – an issue of one million £5 notes commemorating the first anniversary of the death of the former Northern Ireland and Manchester United footballer, George Best. This was the first Ulster Bank banknote to incorporate their new logo, similar to the logo of The Royal Bank of Scotland Group, and the entire issue was taken by collectors within hours of becoming available in bank branches.
|This section requires expansion. (February 2010)|
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.
In 2003/2004, Ulster Bank Group purchased First Active, Ireland's oldest building society, for €887 million. In 2009, the First Active branch network and business of several hundred thousand savers and borrowers was merged with Ulster Bank, and the brand name was retired in 2010.
In June 2012 a computer system failure prevented customers from accessing accounts. Initial estimates that the problem would be sorted out within a week were wildly optimistic with thousands of customers still unable to access their accounts into late July 2012, with ongoing issues still not resolved by mid August 2012. This RBS / NatWest / Ulster Bank issue has proved to be one of the largest IT failures the world has ever known. Ulster Bank (the smallest part of the RBS group) has initially set aside £28M for compensation to customers.
On 8 February 2008, Ulster Bank Group Chief Executive, Cormac McCarthy, announced a three-year sponsorship deal worth over £1m for the Belfast Festival at Queen's. It was hailed as a "new dawn" for the festival which had been suffering underfunding.
Ulster Bank announced official sponsorship of the GAA All-Ireland Senior Football Championship in April 2008.
Ulster Bank is used by RBS to deposit funds invested through the popular Royal Deposit Plan; one of RBS current structured investments.
- "Ulster Bank". Bank.org.uk. Retrieved 10 January 2010.
- Annual Report and Accounts National Westminster Bank, 31 December 2010
- Ulster Bank pledges to meet consumers' needs with 15 new customer commitments http://www.jprni.com/work/index.php?news=376
- "Three remanded over bank theft". BBC News. 23 February 2002. Retrieved 2007-02-19.
- "Bank messenger thieves jailed". BBC News. 23 January 2004. Retrieved 2007-02-19.
- "Our History – Our Story". Ulster Bank Group. Retrieved 15 February 2010.
- Carswell, Simon (13 February 2010). "First Active clients switch to Ulster Bank as name expunged". The Irish Times. "The finalisation of the merger comes more than a year after Ulster Bank announced that it would close First Active and merge its business and customers into the bank’s network. Ulster Bank has already merged about three-quarters of First Active’s 60 branches, and closed the rest."
- "Ulster Bank services 'back next week'". The Irish Times. 26 June 2012. Retrieved 26 June 2012.
- McCreary, Matthew (8 February 2008). "£1m ’new dawn’ deal for Queen’s Festival". The Belfast Telegraph. p. 1.
- McCreary, Matthew (8 February 2008). "Festival future looks bright with £1m deal". The Belfast Telegraph. p. 3.
- "Northern Ireland Balmoral show announces new investment". Ulster Bank. 2009-02-13. Retrieved 2013-08-03.
|Wikimedia Commons has media related to Ulster Bank.|
- Ulster Bank Group
- Ulster Bank Limited Registered in Northern Ireland, No. R733
- Ulster Bank Ireland Limited Registered in the Republic of Ireland, No. 25766