ULSTER BANK is to shed up to 750 jobs across its businesses throughout the island of Ireland as it announced a merger with its sister bank, First Active , which will cease to exist as a separate entity.
Ulster Bank is seeking up to 550 job cuts in the Republic and up to 200 in the North with the amalgamation of First Active with Ulster Bank branches in 45 locations. An additional 15 First Active branches will convert to Ulster Bank branches. The bank said a voluntary severance package would be offered to staff.
First Active customers will be transferred to Ulster Bank with the same terms, conditions and rates for mortgages, loans and deposits.
The decision follows the announcement by Ulster Bank’s parent, Royal Bank of Scotland (FBS) that it could post a loss of £28bn (€29.6bn) for 2008 and is currently 70% owned by the UK taxpayer.
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