'Fury and dismay' as Ulster Bank staff seek news about lender's future

The future of Ulster Bank and its 2,800 staff in the Republic has been up in the air since last September when it emerged that its owner NatWest -- which is majority-controlled by the British government -- is conducting a full review of its operations that could end in the bank being wound down. Picture: Leah Farrell/Rollingnews.ie

The chief of Ulster Bank in the Republic, Jane Howard, will be pressed at a meeting tomorrow for news on the lender's future, the Financial Services Union (FSU) has said, as bank staff vented their "fury and dismay" over a long-drawn-out review.

The future of Ulster Bank and its 2,800 staff in the Republic has been up in the air since last September when it emerged that its owner NatWest -- which is majority-controlled by the British government -- is conducting a full review of its operations that could end in the bank being wound down.

Ulster Bank is the third-largest mortgage and corporate lender in the Republic, with a total loan book of €20.5bn. It has 88 branches and employs 2,800 and the FSU has also warned that any decision to wind down in the Republic would also hit 600 staff in Belfast, despite NatWest not including its operations in the North in its review.

Experts have also warned about the huge effects that any withdrawal by Ulster from the banking market would have on the already-compromised level of competition in mortgage and SME lending across Ireland.

Fears about its future have risen in recent weeks on reports that other lenders are eyeing Ulster’s SME and mortgage loan books.

FSU general secretary John O’Connell said 500 staff at an online meeting on Wednesday expressed their “fury and dismay” over the lack of news between the employees and NatWest.

“NatWest’s lack of communication with staff around this strategic review is disrespectful and has caused considerable stress and uncertainty for them,” Mr O’Connell said.

He said that Ulster Bank, north and south, employs a total of 4,000 people across the island.

“It is not a sustainable position for the bank to continue with its existing line about the strategic review process, as it risks taking people for fools. All indications point to a decision being made in the next two weeks. The bank needs to show respect for its staff and immediately engage with us in a meaningful way about its actual plans so that our members – its employees – can have clarity about their employment,” Mr O’Connell said.

There has been speculation that NatWest could announce the outcome of its review when it unveils its latest earnings report later this month.