RBS 2003 Annual Report Download - page 41
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Ulster Bank is the largest bank in
Northern Ireland. The acquisition
of First Active plc by Ulster Bank
was announced in October 2003
and completed in January 2004
and greatly strengthens our position
in the Republic of Ireland, particularly
in mortgages. Our total income
increased by 12% to £581 million.
Average loans to customers grew by 26%
and customer deposits increased by 13%.
We now have 1.4 million personal and business
customers, 265 branches and employ 5,100 staff.
The enlarged Ulster Bank Group is the third
largest clearing bank and second largest mortgage
provider in the Republic of Ireland.
We continued our success in the residential
mortgage market. Advances were 43% up on 2002.
Our Base Rate Tracker Mortgage gave
customers one of the most competitive and
innovative products in the Republic of Ireland,
where mortgage advances grew by 58%.
Continued growth in Northern Ireland led to an
increase in mortgage advances of 20%.
More than 45,000 credit cards were issued
in 2003, in part due to the introduction of our
market-leading ‘Zinc’ credit card and innovative
40 loyalty incentive within the Republic of Ireland.
A partnership entered into with EasyCash
will see an expansion of our ATM network in the
Republic of Ireland from 200 to over 600.
Ulster Bank made successful introductions
to the RBS private placement team, for the Kerry
Group ($650m), Bord Gais Eireann ($250m) and
ESB International Spanish Power Project –
Amorebiata (685m).
With a significant proportion of US investment
in Europe going to Ireland this is an important area
of financing for Ulster Bank. During the year we
achieved notable success by winning the majority
of all new Government sponsored inward investment.
The inward investment team won a total of
149 new business accounts in 2003. These
included biotechnology companies like Genzyme
in partnership with Citizens, Affiliated Computer
Services in partnership with RBS in Dallas and Lidl,
the German supermarket group.
Awards
Ulster Bank
“Best Credit Card”
Irish Independent Ð Your Money Honours List
“Best Tracker Mortgage”
Irish Independent Ð Your Money Honours List
First Active
“Most Innovative Product” – Current
Account Mortgage
Irish Independent Ð Your Money Honours List
Ulster Bank
Annual Report and Accounts 2003
39