Chief executive to leave Ulster Bank

Chief executive to leave Ulster Bank

The head of Ulster Bank is to step down after 10 years as chief executive, the company said today.

Cormac McCarthy, 47, will leave the post to pursue other career opportunities.

“I have decided to move on from my position as chief executive of Ulster Bank as I believe that now is the right time for me to seek new opportunities,” Mr McCarthy said in a statement.

A spokesman for the bank refused to comment further on reasons for the chief executive’s departure.

Ulster Bank, a subsidiary of the Royal Bank of Scotland (RBS), suffered losses of €414m last year.

Ulster Bank last year took dramatic steps to cut costs, with its mortgage lending business First Active closing branches and merging with the main company. A redundancy programme affecting hundreds of workers was also put in place.

Mr McCarthy will remain head of Ulster Bank until a successor has been found. He will also stay on as deputy chief executive of Royal Bank of Scotland’s UK retail unit until next year.

Ulster Bank was regarded as an aggressive lender towards the tail end of the Celtic Tiger and part-financed the deal by developer Sean Dunne to buy the high profile Jury’s Ballsbridge site in Dublin 4.

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