Business Irish

Saturday 7 December 2019

Ulster Bank chief executive to resign

Gerry Mallon, Chief Executive of Ulster Bank. Photo: INM
Gerry Mallon, Chief Executive of Ulster Bank. Photo: INM

Ellie Donnelly & Gretchen Friemann

Ulster Bank has announced that its chief executive Gerry Mallon is to resign.

Mr Mallon will take up a new role as head of Tesco Bank in the UK.

However, Mr Mallon is not set to leave Ulster Bank until the middle of this year, while he serves out his notice and while the bank finds a replacement for him.

"My decision to accept this role with another organisation was an enormously difficult one but it is an excellent opportunity for me and for my family. I am grateful to the board, executive and staff of Ulster Bank for their unstinting support to me as Chief Executive and I wish them and the broader group every success for the future," Mr Mallon said.

Ulster Bank Ireland chairman, Des O’Shea thanked Mr Mallon for his contribution to the bank,

"On behalf of Ulster Bank, I would like to thank Gerry for his contribution at an important time for the bank and for working tirelessly on progressing our strategy. Gerry will remain in place until mid year to manage the transition with our Board and the Ulster Bank Executive Committee," Mr O'Shea said.

Ulster Bank had been seeking to delay appearing before the Oireachtas Finance Committee over the tracker mortgage scandal.

The bank has come under sustained criticism for its tardiness in refunding customers.

Mr Mallon has been in the role of chief executive at Ulster Bank since 2015, and yesterday the bank announced that it would make a €1.5bn payment to its parent, Royal Bank of Scotland, next week making it the only Irish bank to pay out a second dividend payment since the crash.

The decision to pay the dividend underscores the strength of the regional lender’s recovery and points up the renewed health of the of bank lending market as employment levels and house prices continue to rise.

Mr Mallon’s resignation marks the second high-profile departure in the sector this week with Bank of Ireland’s head if retail banking, Liam McLoughlin, and once a contender for the CEO role, set to leave the group at the end of the month.

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