Ulster Bank: Encyclopedia II - Ulster Bank - Diversification

Ulster Bank - Diversification

In 1961 the management and capital of Ulster Bank was reorganised and a new board with clearly defined functions and powers was appointed. During the 1960s many branches were renovated and new ones opened, particularly in the expanding residential suburbs of Belfast and Dublin. In 1968 Ulster Bank became the first Irish bank to introduce cash dispensers and also opened pioneering airport branches with extended opening hours. During these years Ulster Bank also entered a number of entirely new fields. These included unit trust management - with the creation of Ulster Unit Trust Management Ltd in 1963; hire purchase - with the launch of Ulster Merchant Finance Ltd and Ulster Merchant Finance (Dublin) Ltd in 1967; and factoring - with the establishment of Portland Group Factors (Ireland) Ltd in 1968.

A new brand mark

In 1968 Ulster Bank’s parent bank, Westminster Bank, joined with another high street giant, National Provincial Bank, to create National Westminster Bank - launched as an integrated brand on 1 January 1970, the fifth largest bank in the world. The new bank’s forward-looking three-arrowheads brand mark was immediately adopted by Ulster Bank. The change in ownership ushered in a period of development for the bank and in 1969 Ulster Bank’s profits exceeded £1 million for the first time. In 1970 the bank’s management structure was re-organised to devolve authority to a regional level and establish the posts of chief executive and non-executive chairman. In 1974 more suitable accommodation was found for the bank’s enlarged and restructured head office operation in modern premises in Donegall Place, at the heart of Belfast.

Adapted from the Wikipedia article "Diversification", under the G.N U Free Docmentation License. Please also see http://en.wikipedia.org/wiki