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Financial Services Union has asked NatWest to immediately reassure Ulster Bank staff that it is committed to the future of the bank, after it was reported that the group is considering closing its operations in the Republic of Ireland.
A spokesman for the FSU, which represents as much as 70% of Ulster Bank’s 2,500 employees, said he was surprised by the story the Irish Times reported tonight.
“If this story is substantiated, we are dismayed and angered by the way the bank is treating staff,” said FSU Secretary General John O’Connell.
“We have participated in good faith in a restructuring process over the past few weeks to secure jobs and minimize layoffs, and the bank assured us of Natwest’s commitment to Ulster Bank.”
“I immediately call on Jane Howard and Alison Rose to refute this story and secure the thousands of employees here in Ireland of their jobs tonight.”
The report said the downsizing is one of the options being considered as part of a strategic review by NatWest.
Other possibilities being considered include the merger of Ulster Bank with another lender, the Irish Times said.
A spokesperson for NatWest declined to comment on the report, as did a spokesperson for Ulster Bank.
During a recent call with analysts in July, NatWest CEO Alison Rose said the group’s strategy was and is to grow Ulster Bank “organically and safely.”
She said the group had been successful in “increasing both the personal mortgage and part of the business share in 2019.”
“That strategy has not changed. Clearly, Covid-19 presents different challenges for the economy and we will continue to consider all strategic options in relation to that business.”
Sources close to the government said they were not aware of any plan by the bank to close its operations here.
In 2015, Ulster Bank’s operations in the Republic of Ireland were separated from the Northern Ireland side of the business.
Ulster Bank received a bailout from its parent totaling £ 15.3 billion after the bank collapse more than ten years ago.
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