Ulster Bank facts for kids
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Northeast view of Georges Quay Building
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Trade name
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Ulster Bank |
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| Private | |
| Industry | Financial services |
| Founded | 22 February 1836 Belfast, Ireland, United Kingdom, as the Ulster Banking Company |
| Headquarters | Belfast, Northern Ireland, United Kingdom |
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Key people
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Jane Howard Paul Stanley |
| Products | Various banking products |
| Owner | UK Government Investments (48.1%) |
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Number of employees
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3,250 (2013) |
| Parent | NatWest Holdings |
Ulster Bank (Irish: Banc Uladh) is a major bank that serves everyday people and businesses. It's one of the "Big Four" banks in Ireland, which means it's one of the largest and most important banks there.
For a long time, Ulster Bank had two main parts: one that worked in Northern Ireland and another that worked in the Republic of Ireland. However, in April 2023, Ulster Bank stopped its services in the Republic of Ireland. Now, it mainly operates in Northern Ireland. Its main office in Northern Ireland is in Belfast.
Ulster Bank started way back in 1836. Over the years, it became part of bigger banking groups. In 1917, it was bought by the London County and Westminster Bank. Later, it became part of the Royal Bank of Scotland Group in 2000, which is now called NatWest Group. Even though it's part of a larger group, it still uses the Ulster Bank name across the island of Ireland.
At its peak, Ulster Bank had many branches and ATMs, serving over 1.9 million customers. It was directly watched over by the European Central Bank because it was considered a very important bank.
Contents
History of Ulster Bank
Starting in the 1800s
Ulster Bank began in Belfast, Ulster, in 1836. It was started by a group of people who wanted to invest money from the bank in Belfast, not in London. The first office opened on July 1, 1836, on Waring Street in Belfast.
Right from the start, Ulster Bank printed its own banknotes. Within just one year, it opened branches in many towns like Antrim, Armagh, and Enniskillen. Over the next 20 years, it opened 11 more branches across Ulster.
In 1860, Ulster Bank opened a new main office in Belfast. It also started opening branches outside Ulster, including in Dublin. By 1883, it became a limited company called Ulster Bank Ltd.
Growing in the 1900s
In the early 1900s, Ulster Bank opened more branches in cities like Cork and Waterford. In 1917, a larger bank called London County and Westminster Bank bought Ulster Bank. However, Ulster Bank kept its own name and identity.
In the 1960s, Ulster Bank opened branches in city suburbs and even at airports. It was also one of the first banks to introduce ATMs (cash machines). In 1968, Ulster Bank's parent company became National Westminster Bank, which is often called NatWest.
The 1970s saw Ulster Bank introduce "mobile banks" that traveled to rural areas. It also moved to a new main office in Belfast. In 1975, it bought parts of other finance companies.
In the 1980s, Ulster Bank launched the "Henri Hippo" money box to encourage children to save. It also introduced its own Visa credit card.
During the 1990s, Ulster Bank put ATMs in many places outside its branches. By 1995, it had the biggest network of ATMs in Ireland. In 1997, it opened new main offices in Dublin.
Changes in the 2000s
In 2000, Ulster Bank's parent company, National Westminster Bank, was bought by the Royal Bank of Scotland Group. This meant Ulster Bank became part of an even bigger banking family.
In 2003, Ulster Bank bought First Active, which was Ireland's oldest building society. This added many new customers and services to Ulster Bank. In 2005, Ulster Bank changed its logo to match the "daisy wheel" logo of the Royal Bank of Scotland.
In June 2012, Ulster Bank faced a big challenge when a computer system problem stopped many customers from being able to access their accounts. This caused a lot of trouble for people for several weeks.
Later, around 2015, Ulster Bank had some issues with how certain mortgage loans were managed for customers. The Central Bank of Ireland looked into this, and Ulster Bank had to pay a fine and help the affected customers.
In September 2020, it was announced that NatWest Group was planning to close all Ulster Bank operations in the Republic of Ireland. This was a big decision that would happen over several years. The bank would continue to operate in Northern Ireland.
Ulster Bank started closing accounts in the Republic of Ireland in November 2022. Many of its branches in the Republic of Ireland closed in January 2023, and the remaining ones closed on April 21, 2023.
In November 2023, Ulster Bank also announced it would close 10 more branches in Northern Ireland in 2024, leaving it with 25 branches there.
What Ulster Bank Offers
Ulster Bank provides many different services for people, businesses, and larger companies. These include:
- Current accounts: For everyday spending and managing money.
- Savings accounts: To help people save money.
- Loans and mortgages: To help people buy homes or other big items.
- Insurance services: To protect people's belongings.
In Northern Ireland, Ulster Bank is regulated by important financial authorities like the Prudential Regulation Authority and the Financial Conduct Authority. This means they make sure the bank follows the rules and keeps customers' money safe.
Customers usually get a Debit Mastercard to use with their accounts. Ulster Bank has also made promises to its customers to provide good service.
Ulster Bank's Look and Feel
For many years, Ulster Bank didn't have a modern logo. It just used its name or its coat of arms. In the 1960s, it started using different "UB" logos.
Around 1969, Ulster Bank began to use the logo of its new parent bank, National Westminster Bank, which had three arrowheads.
In 2005, the logo changed again to the "daisy wheel" design, which was used by the Royal Bank of Scotland.
Ulster Bank is one of only four banks in Northern Ireland that can print its own pound sterling banknotes.
Ulster Bank Banknotes
Just like a few other banks in Northern Ireland, Ulster Bank has the special right to print its own banknotes. These notes are in pound sterling and are worth the same as notes printed by the Bank of England.
Ulster Bank's regular banknotes all have a similar design. They show a view of Belfast Harbour on one side and the bank's coat of arms on the other. The different values of notes (like £5, £10, £20, £50) have different colors and sizes.
In November 2006, Ulster Bank printed a special £5 note to remember George Best, a famous football player from Northern Ireland, who had passed away a year earlier. One million of these notes were printed, and collectors bought them all very quickly!
In 2019, Ulster Bank started printing new banknotes made from polymer (a type of plastic) instead of paper. These new notes are more durable.
Sponsorships
Ulster Bank has supported many events and organizations over the years:
- In 2008, Ulster Bank announced a big sponsorship deal for the Belfast Festival at Queen's, an important arts festival.
- It was also the first main sponsor of The Balmoral Show in 2009, which is Northern Ireland's biggest agricultural show.
- Ulster Bank also sponsored the GAA All-Ireland Senior Football Championship, a major Gaelic football competition.
See also
- NatWest Holdings
- NatWest Markets
