Financial Services

Senior Ulster Bank executive departs as bank plans withdrawal

Eddie Cullen leaving in one of the first high-profile departures ahead of Republic exit

Eddie Cullen of Ulster Bank in 2019 with Séamus Sheridan, director and co-founder of Sheridans Cheesemongers. File photograph: Shane O’Neill

Fri Aug 13 2021 - 17:58

Ulster Bank executive Eddie Cullen is leaving the lender in one of the first high-profile departures ahead of its planned withdrawal from the Republic.

The bank announced in February this year that it planned to withdraw from the Republic and is in the process of selling more than €11 billion of loans to rivals AIB and Permanent TSB.

Jane Howard, Ulster Bank's chief executive, told staff on Friday that Mr Cullen, managing director of commercial banking, would leave the business at the end of January 2022. Mr Cullen joined the bank in 1993.

Ms Howard told staff that most of the bank’s performing commercial loans will transfer to AIB next year, subject to regulators’ approvals.

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She added that the bank is working to reach a binding agreement with Permanent TSB, to which it is transferring €7 billion worth of debts. The pair have a non-binding memorandum of understanding on the transaction.

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