Ulster Bank still ‘a core element of RBS’

The uncertainty over Ulster Bank’s future has come to an end, with parent group Royal Bank of Scotland confirming that the subsidiary remains a core element of its overall business.

RBS was reportedly considering a number of options for Ulster Bank’s future, including a management-supported private equity takeover of the bank.

“We have a good market position and believe that, with investment, Ulster Bank can deliver attractive shareholder returns in the future,” RBS chief executive Ross McEwan said yesterday at the close of the group’s year-long strategic review of its Irish operations.