Northern Banks

By: EconomyWatch Content   Date: 3 November 2009

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Northern Banks is a collection of the ‘Big Four’ banks in Northern Ireland, which includes Ulster Bank, Bank of Ireland, First Trust Bank and Northern Bank. These banks are very powerful, having the authority to issue their own currency.

Profile of Northern Banks

Northern Banks are some of the oldest banks in the region and are associated with reliability and safety.

Ulster Bank

This bank was established in 1836 in Belfast, Ireland, as Ulster Banking Company. The bank has over 260 branches and 790 ATMs in Northern Ireland as well as the Republic of Ireland. The operations of the bank were handed over to the Westminster Bank in 1917 due to a consolidation in the UK banking sector. Eventually, administration and control was passed to the Royal Bank of Scotland (RBS) after the National Westminster Bank was acquires by the RBS in 2000. This was the largest takeover in UK banking history. Among the ‘Big Four,’ Ulster Bank is the third largest.

Bank of Ireland

Headquartered in Dublin, Bank of Ireland was established in 1783. The bank also offers products and services outside the UK and Ireland, such as Australia, France, Germany and the US, through the Bank of Ireland Asset Management and the Bank of Ireland Corporate Banking. Some products and services offered by the Bank of Ireland Group include:

  • Deposit and overdraft services

  • Term loans, leasing and mortgages

  • International asset financing

  • Foreign exchange

  • Investment fund management

First Trust Bank

Founded in 1991, as the result of a merger between TSB Northern Ireland and the AIB Group, the history of First Trust Bank can be traced back to the establishment of the Belfast Savings Bank in 1816. The bank offers a wide array of services, managed through 44 full-service branches in Northern Ireland. Specialist services offered by the bank include:

  • Credit cards

  • Mortgages

  • Invoice discounting

  • Asset finance

Northern Bank

A holding of Danske Bank, Northern Bank has become one of the largest commercial banks in Northern Ireland, since its establishment in 1824. It offers a comprehensive collection of innovative banking services, such as ‘Northern Freedom,’ a special current account for individuals between the ages of 18 and 27. The bank also maintains a sophisticated e-Banking system for personal and business customers.

Northern banks, collectively as well as individually, generate the largest revenue from banking services in Northern Ireland.


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