DUBLIN (Reuters) - Britain’s vote to leave the European Union has strengthened the strategic importance of Ulster Bank to RBS and the Irish lender is a key part of its parent group’s post-Brexit planning, Ulster Bank’s chief executive said on Thursday.
“As a bank regulated in Ireland, in a post-Brexit scenario, Ulster Bank has a unique position within RBS,” Gerry Mallon told a parliamentary committee.
“One of the things it (Brexit) does is cast a question mark over the issue of passporting of banking capability across European borders. RBS needs to think about what its options might be, it has a number of licenses in Europe and I think we are a key and very real part of those strategic options.”
Reporting by Padraic Halpin; editing by Susan Thomas