Business Irish

Friday 15 November 2019

Senior RBS executive sent to troubled Ulster Bank

Laura Noonan

A SENIOR executive from RBS's Asian division has been drafted in to be the new steward of embattled Irish subsidiary Ulster Bank. Ulster Bank yesterday confirmed that RBS's chief executive of Retail and Commercial Markets Asia, Jim Brown, would join the Irish offshoot on April 11.

The news comes almost nine months after Cormac McCarthy said he was stepping down to "pursue other opportunities".

Mr McCarthy swept into Ulster Bank when it merged with Friends First eight years ago, and presided over massive expansion at the merged bank.

It was speculated that an executive from RBS would replace Mr McCarthy, as the UK group grapples to get to grips with massive Irish losses, including loan impairments of €4.5bn in 2010 alone.

"This is a challenging time, but a significant amount of work has already been done to position Ulster Bank for recovery in the longer term," said Brian Hartzer, chief executive of RBS's UK Retail, Wealth and Ulster. Mr Harzter also thanked Mr McCarthy for his contribution and "in particular his leadership of the Ulster Bank business during the very difficult last few years".

New Zealander Mr Brown has worked in financial services for more than 30 years.

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