Belfast Telegraph

Saturday 26 July 2014

Ulster Bank chief to step down after 10 years

The chief executive of Ulster Bank is to step down after 10 years at the helm.

Cormac McCarthy (47) said he decided to leave the bank — a subsidiary of Government-owned Royal Bank of Scotland — to “seek new opportunities”.

It is understood that Mr McCarthy, who is based in Dublin, was keen to spend more time in Ireland after being asked to spend more and more time in Britain in his other role as deputy chief executive of RBS’s UK retail division.

While the Ulster Bank CEO has, like other bankers, come under fire over the bank’s conduct during the credit crunch, he was not one of the RBS executives criticised for taking huge bonus payments following the taxpayer bailout of the lender. Mr McCarthy declined his bonus last year after Ulster Bank posted a £368m loss because of provisions it had to make against bad property loans.

The two leading internal candidates for his job are likely to be the bank’s corporate markets chief Robert Gallagher and head of retail markets Mike Bamber, although Ulster Bank said it was also searching externally.

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