NatWest is being advised by Goldman Sachs on the future of Ulster Bank in the Republic as the UK lender looks at winding down the unit which shows no signs of making enough money to cover its own funding costs. Sources said London-based investment bankers at the US banking group have been working with NatWest on its strategic review for some months. An email sent to staff said at the time that his decision had nothing to do with the strategic review. RBS inherited Ulster Bank in 2000 through its takeover of National Westminster. Ulster Bank received a bailout from RBS of £15.3 billion (€17bn) after the 2008 crash, about a third of the money UK taxpayers pumped into the entire group.

Source: The Irish Times November 22, 2020 17:03 UTC