Brits want to sell UB to Paddy


I knew that UB management statement during the week lacked conviction …

**Sunday Times: RBS still could pull out of Ireland within six months. **

At the very least, big cuts are coming UB’s way, while the closure of UB in the Republic still cannot be ruled out.


Connects exactly with my thinking on UB - they are desperate for a white knight.

Potentially a good buy, as you could probably persuade the British government to transfer all or most of UB’s bad debt onto RBS’s ‘bad bank’ balance sheet as an incentive to selling.


**Ulster Bank ‘may face radical change’, ‘reposition the business model’. **


Ulster Bank remains in a strong position here. Prior to the RBS IT debacle they were making good inroads into taking business off the big two by continuing to offer free banking while the others took it away. They offer solid propositions as good as the big two, decent internet banking and have a sizeable enough branch network. They can afford to pare back their services without shedding too many customers, there’s simply nowhere for them to go. Having said that, in my experience the reason people often switch their bank account is because the place they’re with did or wouldn’t do something that the bank they’ve transferred to also would or wouldn’t do in the circumstance!


it probably won’t be the first time you are told that you are atypical.

#137 … z2nCcl9Cpt


So, we are a month or so away, from the second RBS strategic review of their Irish operations being published.

I find it inconceivable that the review will recommend the status quo for Ulster Bank. However, it does not seem likely that RBS will exit Ireland entirely.

Hence, the question really is what shape will RBS’s have their operations in Ireland in the future? After all, S&P, and others, think RBS have “radical change” in mind for Ulster Bank.

Having read some of the UB CEO speech, during the week, about RBS’s “commitment” and “focus” on business banking in Ireland, it got me wondering, if RBS will exit retail operations in the RoI, but perhaps not in NI, to focus on business banking only.

Just a thought. We will find out for certain when the review is published shortly.


Interesting, if they withdrew retail as well that would be quite punishing for Ireland
By my calcs UB is 2.5x BOS (and even they have a decent amount still here).

I suspect they will sell non core in 2014 / 2015 (5-10bn) but take their time elsewhere?
There probably isn’t the capital to take them out more fully in the near term?


Further Speculation as to the RBS Ulster Bank Strategic Review Announcement. … -1.1659567

It seems even local UB management are in the dark as to the outcome of the UB strategic review.


The local management probably haven’t been told, but they may have been asked lots of questions from RBS about, how much will it cost to have additional redundancies, how feasible is additional outsourcing, what branches could you cut that would improve the bottom line, what departments would you close to save x million. And local management want to get the unions to realise how bad things will get.


UK official to meet unhappy Ulster Bank business customers - Greg Harkin -> … 41744.html


It’s intriguing.
I’d imagine they’d love that kiwi CEO to launch himself and his management as a Certus style loan servicer. I don’t see it.


**100 Jobs Lost as Ulster Bank moves jobs to Scotland, separate strategic review still pending. ** … -1.1667688


Head of Ulster Bank warns of branch closures in RBS restructure


Thats a good point re why don’t RBS wait out the upturn. They certainly might have less rosey ideas about what is really going on then our media would make us think.

However RBS are being told to sell all they can. While they may never sell UB, they can wind down the portfolio by letting people pay back their mortgages and loans etc. And ultimately why would the UK taxpayer support a bank that is providing loans to Irish people?


The Sunday Business Post reports that February’s strategic review of UB will result a further 1,000 job losses at UB. There will be no big bang approach and the job losses will be over a period of time.


Ulster Bank faces crunch month - Sarah Stack -> … 91880.html


RBS getting ready to sell off up to €1bn worth of Irish assets - Joe Brennan and Neil Callanan -> … 96687.html

‘The stress of being in debt is ravaging, it is the new cancer’ - Sarah McCable -> … 13019.html

Bank inquiry: Sajid Javid highlights NI and Republic integration - John Campbell ->


Ulster Bank to shut more branches and transfer functions to the UK. … iw.twitter


RBS plans to slash staff by 30,000 … z2ttip3AEa