Ulster Bank names new chief financial officer

ULSTER BANK has named former Royal Bank of Canada executive, Charles McManus, as its new chief financial officer; but stressed that its hunt for a new chief executive remains “ongoing”.

Mr McManus, who hails from Britain, has more than 28 years experience in the international financial services sector, numerous of which were spent with the Canadian bank — most recently with its European arm, where he was chief financial officer.

At Ulster, he replaces Senan Murphy, who had been chief operating officer and finance director, who left the company in January to pursue other business opportunities. Mr McManus will also take Mr Murphy’s place on the bank’s board of directors.

Ulster’s outgoing chief executive, Cormac McCarthy said that Mr McManus’ experience will serve the bank well “as we continue to manage the long-term recovery of our business”.

Last week, Ulster reported a near doubling in its operating losses for last year — to €887m — on the back of a severe increase of its impairment charges to cover under-performing loans.