Business

FSU: 'Still no certainty over future of 600 Ulster Bank jobs in Belfast'

Hundreds of people in Belfast remain directly employed by the Ulster Bank operation across the border. Picture by Hugh Russell.
Hundreds of people in Belfast remain directly employed by the Ulster Bank operation across the border. Picture by Hugh Russell. Hundreds of people in Belfast remain directly employed by the Ulster Bank operation across the border. Picture by Hugh Russell.
By Ryan McAleer

THERE is still no certainty over the future of 600 jobs linked to the Ulster Bank operation in the Republic, the Financial Services Union (FSU) has said.

Permanent TSB formally agreed to acquire €7.6 billion worth of assets from Ulster Bank Ireland on Friday.

Ulster Bank’s parent NatWest announced its plans to withdraw from the Republic in February 2021.

The legally binding agreement will see Permanent TSB (PTSB) acquire Ulster Bank’s retail, SME and asset finance business.

Some 450 staff will also move, while 25 branches will remain open.

But the FSU said questions remain over the lack of an employment entity in Northern Ireland.

The Ulster Bank business on the island was formally split in 2015, but hundreds of people in Belfast remain directly employed by the lender across the border.

The FSU’s general secretary, John O'Connell said the 600 posts are worth around £20 million a year to Belfast’s economy.

Speaking on Friday, he said: “The FSU will be meeting with PTSB and NatWest to seek answers for those staff that are awaiting certainty on their futures.”