Ulster Bank closing down for good in Ireland

[Deleted User]

https://www.bbc.co.uk/news/world-europe-56123106

Sounds like it is a big bank over there, could other banks also close? they struggled to make a profit, as other banks also do.

Ulster Bank is to close down its Republic of Ireland business over the next few years.
The bank's parent company, Nat West, made the announcement on Friday.
Ulster Bank is by some measures the third largest bank in the Republic of Ireland but has struggled to be profitable.
Ulster Bank's business in Northern Ireland will continue to trade but there are concerns the move could impact jobs.

PRAISETHESUN

They are also starting the process of moving the UK side of things under the NatWest umbrella a bit more: https://digital.ulsterbank.co.uk/globals/banking-business-transfer-scheme.html

EarthBoy

PRAISETHESUN said:

They are also starting the process of moving the UK side of things under the NatWest umbrella a bit more: https://digital.ulsterbank.co.uk/globals/banking-business-transfer-scheme.html

So Ulster Bank Ltd will cease to be a separate limited company and will become nothing more than a trading name of National Westminster Bank plc (NatWest).

Thrugelmir

Banking choice in Eire is already limited. This announcement makes the situation worse as will reduce competition. 

colsten

Thrugelmir said:

Banking choice in Eire is already limited. This announcement makes the situation worse as will reduce competition. 

Companies like Starling Bank are already waiting in the wings. I doubt Ireland will cry many tears about losing an oldfashioned bank

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/starling-bank-resumes-discussions-on-irish-banking-license-as-lockdown-eases-59841409

Thrugelmir

colsten said:

Thrugelmir said:

Banking choice in Eire is already limited. This announcement makes the situation worse as will reduce competition. 

Companies like Starling Bank are already waiting in the wings. I doubt Ireland will cry many tears about losing an oldfashioned bank

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/starling-bank-resumes-discussions-on-irish-banking-license-as-lockdown-eases-59841409

Long way to go to become a major player in the banking world. 

brianposter

I am a bit puzzled as to why the British government thinks that closing the branches of British banks will facilitate improving our exports to the wider world.

[Deleted User]

brianposter said:

I am a bit puzzled as to why the British government thinks that closing the branches of British banks will facilitate improving our exports to the wider world.

What has it got to do with the government? 

colsten

[Deleted User] said:

brianposter said:

I am a bit puzzled as to why the British government thinks that closing the branches of British banks will facilitate improving our exports to the wider world.

What has it got to do with the government? 

As of now, the UK Government still owns Natwest Group. 62% is more than enough to have a say in the company's direction.

Although I don't think exports depend on having one or more of your banks operating in the country you export to.

[Deleted User]

colsten said:

[Deleted User] said:

brianposter said:

I am a bit puzzled as to why the British government thinks that closing the branches of British banks will facilitate improving our exports to the wider world.

What has it got to do with the government? 

As of now, the UK Government still owns Natwest Group. 62% is more than enough to have a say in the company's direction.

Although I don't think exports depend on having one or more of your banks operating in the country you export to.

Oh I see, so the closure of Ulster bank could be a kind of middle finger to the EU or something?

IanManc

[Deleted User] said:

Oh I see, so the closure of Ulster bank could be a kind of middle finger to the EU or something?

No, the disappearance of Ulster Bank in Ireland is the closure of a lossmaking subsidiary in a small banking market.