According to the Sunday Times RBS will announce next week that they are to close down First Active with many branches to close, administrative functions transferred to the UK and the brand shelved. I assume those branches remaining open will become part of Ulster Bank. They are 642 employees at First Active. RBS paid €887million for First Active in 2004.
Its the main story in the Business section of the Irish Edition. Sorry but there is no link for the Irish business section.
This is significant on two counts.
Firstly, First Active were very active in the mortgage market. Secondly, I have a regular savings account with them.
Yep - can vouch that it is the lead in Business section.
Also mentions that they will be holding discussions with brokers this week. From reading the article it sounds very much that FA is being run more as a debt management agency these days with minimal new business and staff being incentivised to ‘manage’ existing debt to minimize defaults.
Well your going to be a Ulster Bank customer as of next week. The article states that Hester has been promising to swing the axe to non-UK assets since last October and Ireland looks like its first in the firing line in reducing costs. The article states that RBS will be exiting other countries entirely including the Czech Republic, Slovakia, Romania, Uzbeksitan and Pakistan.
I thought Ulster bank acquired First Active around 1999. Maybe I’m mixing it up with another bank. Though I remember carrying out a network analysis for another bank to check the impact and found the there was a large overlap between UB and the ANOTHER. Mostly concentrated in north Leinster.
Yeah also a customer of First Active and was woken up in a panic by the news they were closing down this morning, thought the deposit protection scheme was finally being called upon. A quick perusal of the Times (I looked here first of course but it hadn’t been commented on yet!) and I think my savings are safe, aren’t they? I wonder what this will mean though in practical terms, will be in to see them tomorrow for sure.
All these banks failing or doing whatever they’re doing is giving me a bit of a migraine, maybe I do need to think about the under the bed option after all!
Consolidating brand names for efficiencies to reduce cost base I presume. For customers it is just rebranding but for staff it will mean more.
First Active were always far more competitive for deposits than Ulster Bank (for some reason I could never quite fathom).
I’ll miss the extra competition for deposit interest rates.
Me too - although the rate is apparantly dropping to 5.4% tomorrow anyway - might just cash it in and stick it in Anglo
oooo - you gambler !
TPO & HB, don’t let certain posters find out ye have regular savings accounts - the answer is spend, spend, spend. You should liquidate your savings and borrow to the hilt to refloat LE Ireland don’t you know
The Times has it at 5.4% whereas FA’s website still says 6.4%. So it’ll change tomorrow then?
i almost got through a whole sunday without getting depressed!
zomg, this is big news…
Lead story on TV3 mini news at 5.25pm
Nothing on RTE about this…
RTE probably don’t even realise they operate here.
Reported on AAM (I know I know!!) that the rate drops to 5.4% from Jan 26th
It was on Aertel earlier but is no longer there!
For whats its worth off the TV3 Website
Both First Active and Ulster Bank form the Ulster Bank Group - part of the Royal Bank of Scotland.