Ulster Bank: Encyclopedia II - Ulster Bank - War and merger

Ulster Bank - War and merger

By the outbreak of the First World War, Ulster Bank was in an extremely competitive position. Measured in terms of its branches, deposits, assets and profitability it was out performing its rivals and continued to open new branches throughout the war. Nonetheless the war years were difficult with the bank required to provide gold to the government and to handle war loan issues. Staff shortages, caused by many of its officials serving in the forces also presented problems, prompting the bank to employ women for the first time in 1915.

In 1917 consolidation in the UK banking sector, combined with the uncertainty created by the political upheaval which followed the Easter Rising, prompted Ulster Bank to seek amalgamation with London County & Westminster Bank – one of London’s largest banks. The formalities of the merger were quickly agreed. Ulster Bank retained the same name and continued to be run independently by an advisory committee in Belfast. A local newspaper reported that: ‘Great development of trade and manufacture are confidently predicted after the war and with the strength and influence of this great company behind it, the Ulster Bank will be in a better position than ever to meet the requirements of commercial and industrial enterprise’.

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