Ulster Bank is, reportedly, planning to shut down additional branches in Ireland and transfer certain head office functions to Britain, after completion of the review of all its operations by Royal Bank of Scotland (RBS).
A person familiar with the situation was quoted by the Irish Examiner as saying that Ulster Bank will retain its banking presence in Ireland. Ulster Bank will also keep open all existing services, including retail, corporate and private banking divisions.
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A company-wide review by the RBS, the parent company of Ulster Bank, is expected to be published on 27 February 2014.
Apart from this, Ulster Bank may develop its loan book in order to benefit from the recovering economy.
In 2013, the bank shut down 22 bank offices in Ireland and in the UK.
It is expected that approximately 1,000 employees will lose their jobs at mortgage operations and the loan loss recovery division, over the next three years due to the group-wide restructuring.
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