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British banking group NatWest has declined to comment on reports tonight that its board will make a decision Thursday night on a proposal to shut down Ulster Bank’s operations in the Republic of Ireland.
The Financial Services Union (FSU) has described the Irish Times report as “extremely worrying”.
“The FSU has contacted the Ulster Bank and the Minister of Finance to demand clarifications and answers,” said John O’Connell, FSU Secretary General.
“This is a very stressful time for staff and clients. It is simply not good enough for staff to learn from the media that NatWest is closing Ulster Bank’s operations in the Republic of Ireland.”
O’Connell added that if Ulster Bank is to exit the Irish market, any solution must involve maximum protection for clients, staff jobs and the branch structure.
A spokesperson for Ulster Bank also declined to comment on the report.
NatWest has been conducting a strategic review of Ulster Bank’s operations in the Republic of Ireland since September.
It is due to report its annual results for 2020 on Friday morning and is expected to provide an update at that time on the review amid mounting speculation about its intentions.
Ulster Bank has 1.1 million customers here, along with 2,800 employees and operates 88 branches.
It has operated in the Republic of Ireland for 160 years and has € 20.5 billion in loans on the Irish market, so any exit decision would have major implications.
The bank has been reviewing its operations because it has struggled to perform in recent years.
The finance minister recently said that the consequences of Ulster Bank’s withdrawal from the market here would be “very serious” for the economy, jobs and credit.
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