MD to step down at NCB Stockbrokers

The managing director of NCB Stockbrokers, Mr Padraic O'Connor, is to resign at the end of next month. The move comes with the completion of the acquisition of NCB by Ulster Bank, as the earn-out period, which effectively tied in NCB executives for the four years since the deal was announced in 1994, ends.

Mr O'Connor (49) said he was leaving for personal reasons. Having been head of the firm for the past eight years, he felt it was time to move on and do something different. He said he had no firm plans. Mr Paddy McMahon, head of Ulster Bank Markets, said that it was a personal decision and the bank was "very sorry to see him go". There are believed to have been some differences of opinion between Mr O'Connor and the bank on the future of NCB and particularly its relationship with the Ulster Bank Group. NCB has operated largely autonomously of Ulster Bank and, with the earnout period now complete, the bank may be seeking greater control and influence of its operations in some areas.

Mr McMahon said that there was "no question of differences" between Mr O'Connor and the bank, but "obviously people will have different views" in some areas. The bank's view was that NCB should continue to operate with a large degree of autonomy, he said.

Commenting on Mr O'Connor's departure, Mr Martin Wilson, Ulster Bank chief executive, said that "the NCB team has achieved so much" under Mr O'Connor's leadership.

According to Mr McMahon, the bank has a "strong preference" for an internal appointment to replace Mr O'Connor. The senior executives likely to be in the running include Mr Conor O'Kelly, head of bonds, and Mr John Conroy, head of equities. Mr Hugh Cooney, head of corporate finance and Mr John Keilthy, head of private clients, may also be in the running.