Ulster Bank chairman quits after two months

It is understood Mr O'Flynn's sudden departure is not related to the ongoing strategic review of Ulster Bank’s future in the banking sector in the Republic by its parent group NatWest. File Picture: Leah Farrell/Rollingnews.ie

Ruairí O'Flynn has resigned as chairman of Ulster Bank’s operations in the Republic less than two months after being appointed.

It is understood his sudden departure is not related to the ongoing strategic review of Ulster Bank’s future in the banking sector in the Republic by its parent group NatWest. 

It is also understood Mr O’Flynn was fully aware of that review prior to his appointment.

Martin Murphy, the former boss of Hewlett-Packard’s operations in Ireland, will take over the role on a temporary basis.

A spokesperson for the bank confirmed Mr O’Flynn’s departure and said a search for his permanent successor is under way. 

They said Mr O’Flynn’s decision to leave was for personal reasons.

Speculation has been rife over the past couple of months that NatWest may opt to wind down Ulster Bank’s operations in the Republic or seek to sell the business or merge with another institution.

It has been suggested that a merger or sale would be less likely than a winding down. 

Permanent TSB and KBC Bank Ireland – two banks previously linked with a merger with Ulster Bank – have both, reportedly, distanced themselves from any fresh merger speculation of late.