The latest proposals under consideration would see the investment bank divided into three parts: the group’s advisory business, which could be spun off at some later point; a “bad bank” to hold high-risk assets that will be wound down; and the rest of the business.
While both ideas have been floated, they are not viewed as a priority, according to the people with knowledge of the board’s thinking. A sale of the New York-based securitised products business — which packages up debts such as mortgages and loans for yachts, then sells them on as securities — would reduce the bank’s capital commitment but also deprive the bank of one of its most profitable business lines.
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Ulster Bank urges business customers to choose new bankUlster Bank has told its business customers that if they do not switch or close their business current account, it could have implications for their business in terms of paying employee wages, suppliers and receiving payments for their own goods and services.
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