Tuesday 16 January 2018

Ulster Bank names new chief financial officer

Laura Noonan

EMBATTLED Ulster Bank has named a senior Royal Bank of Canada executive as its new chief financial officer, but the bank insisted the move was not part of a concerted effort to "internationalise" Ulster's team.

News of the appointment of Royal Bank of Canada Europe chief financial officer Charles McManus to Ulster's top table comes amid reports that the Irish bank is poised to name an international successor to replace outgoing Ulster boss Cormac McCarthy.

Ulster Bank's Dublin headquarters are understood to have received a high number of visitors from RBS's international operations in recent months, as RBS grapples with Irish loan losses of €4.5bn in 2010 alone.

A spokeswoman for the bank insisted there was nothing unusual about the recent visits from head office or the level of international involvement in Ulster's operations.

"RBS is an international group, there is always a sharing of expertise," she said. "We have people from here on secondment overseas as well."

Mr McManus comes to Ulster from Royal Bank of Canada's European base in London, having previously worked at Royal Bank of Canada's capital markets division in New York and as global head of product control.

In a statement, Mr McCarthy said that the new recruit's "significant experience will serve Ulster Bank well as we continue to manage the long-term recovery of our business".

Mr McManus is replacing Senan Murphy, who announced plans to step down as Ulster chief operating officer late last year.

Mr McCarthy announced plans to step down last July, but his successor has still not been unveiled.

Since the crisis hit, Ulster has also gotten a new chief executive of retail markets, after Mike Bamber left the Irish bank for NatWest and was replaced by long-time Ulster staffer Richard Doonan.

Irish Independent

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