# Ulster Bank Group

Ulster Bank Group is an Asset Manager based in Dublin, Ireland.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Dublin, Ireland
- **Region:** Europe
- **Address:** Dublin, Ireland
- **Founded:** 1836
- **Assets under management:** Undisclosed
- **Website:** www.ulsterbank.ie
- **LinkedIn:** https://www.linkedin.com/company/ulster-bank-group

## Regulatory record

- **Reports private funds:** No

## About

Ulster Bank Ireland DAC returned its banking licence to the Central Bank of Ireland on 27th June 2025 and is now operating under a new name, Ulydien DAC. Unclaimed balances from closed Ulster Bank Ireland DAC accounts or uncashed drafts have been transferred to Ulydien Trust Company Limited.

## Sectors

- Financial Services
- Real Estate
- Private Credit

## Offices

- Belfast, Northern Ireland, United Kingdom

## People

- Jane Howard — Chief Executive Officer

## Questions

### Who owns Ulster Bank Group?

Ulster Bank is a wholly-owned subsidiary of NatWest Group plc, the UK-listed banking group that was formerly known as Royal Bank of Scotland Group. The parent is majority-owned by institutional investors following the UK government's disposal of its post-2008 bailout stake. NatWest maintains full strategic control over the Irish wind-down process.

### What happened to Ulster Bank's loan book?

The performing loan portfolio has been largely transferred to competing Irish banks. Permanent TSB acquired approximately €6.2 billion in mortgages and 25 branches in a deal completed in March 2023. Allied Irish Banks purchased a €5.7 billion corporate and commercial loan book. The remaining portfolio consists of non-performing loans, tracker mortgage residuals, and legacy structured finance instruments now managed for runoff.

### Does Ulster Bank manage third-party capital?

No. The group does not operate as a traditional asset manager raising external funds. Its current mandate is internal balance-sheet management — recovering value from a residual loan portfolio on behalf of its parent, NatWest Group. No private credit fund, UCITS structure, or separate asset management division is marketed to institutional investors.

### Is there any exposure to Northern Ireland in the current structure?

Yes. The Northern Ireland operation was excluded from the Republic of Ireland withdrawal. Ulster Bank Northern Ireland continues as a branch-based commercial and retail bank under the NatWest umbrella, serving personal and business customers. This unit operates separately from the run-off entity based in Dublin.

### How can an allocator get exposure to the residual Ulster Bank assets?

Allocators cannot commit capital directly to Ulster Bank as it is not a fund manager. However, non-performing loan portfolios from the Irish wind-down have periodically been sold to private credit funds and distressed-asset managers through auction processes run by NatWest. The Irish NPL market, regulated by the Central Bank of Ireland, has seen participation from firms such as CarVal Investors, Cerberus, and Lone Star.

### What is Jane Howard's role in the current structure?

Jane Howard was appointed Chief Executive Officer of Ulster Bank in 2022, succeeding the previous CEO who led the bank through the early stages of the withdrawal announcement. Her remit has centered on overseeing the operational wind-down of the Republic of Ireland franchise, managing regulatory engagement with the Central Bank of Ireland, and executing the orderly transfer of remaining assets and staff.

## Related profiles

- [Ulmus Investment](https://altss.com/profile/ulmus-investment)
- [Ultranative](https://altss.com/profile/ultranative)

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Last updated: 2026-08-11T15:08:22.057Z

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