RBS 2005 Annual Report Download - page 33

Divisional review
31
2005
Ulster Bank Group saw sustained
growth in 2005 and the launch
of market-leading mortgage
and current account products.
A branch improvement programme
and a new Ulster Bank brand
identity moved us towards our
vision of becoming the best bank
on the island of Ireland. Ulster
Bank Group’s total income
increased by 15% to £858 million.
 Ulster Bank Group ended 2005 with 1.6
million personal and business customers across the
island of Ireland.
 Product development has been a key factor
in Ulster Bank Group’s success. In November 2005
we launched a radical overhaul of personal current
accounts in Northern Ireland to provide free banking
to all personal customers.
 First Active introduced the Republic of
Ireland’s first 100% First Time Buyers’ Mortgage
confirming First Active’s reputation for innovative
products. These include the Current Account
Mortgage and Elevator savings account.
 Ulster Bank also led as the first clearing bank
to extend its 100% mortgage to first-time buyers
across the island. The Switcher Mortgage package
has made it easy for customers to switch to us.
 Ulster Bank Group’s Corporate Banking
and Financial Markets (CBFM) division continued
to experience strong lending growth to its corporate
customers. Average lending grew by 29% in 2005 –
26% in Northern Ireland and 30% in the Republic
of Ireland.
 Important transactions completed during the
year included the banking business of United Dairy
Farmers, a leading dairy producer; funding the
construction of major shopping centres in Essex
and Dundalk, and working with the RBS Specialist
Healthcare team to win the mandate to fund
development of Beacon Hospital, a major new
private hospital in Dublin.
 89 branches were overhauled as part
of our improvement to the Ulster Bank branch
network, with work planned on a further 57 during
2006. The Ulster Bank and First Active branches
together create a network of 272 branches.
 2005 was also significant for the visibility
of our brands. The Ulster Bank brand adopted
the RBS logo in November, enhancing its identity
as a member of the RBS Group, while First Active
continued its targeted focus on the mortgage sector.
Awards
 Corporate Banking Excellence Award
KPMG’s Financial Services Excellence Awards
 Best practice in recruitment and
employment of people with disabilities
02Ability Award
 Aimhigher programme – Northern Ireland
Big Tick Award for Business in the Community
Excellence and Chambers of Commerce in Ireland
President’s Awards Commendation
Make it happen
Potential