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Ulster Bank company logo
Bank
FINANCE | Retail Banking
ulsterbank.ie

Investments

30

Portfolio Exits

7

Partners & Customers

10

About Ulster Bank

Ulster Bank offers personal and business financial services throughout Ireland.

Headquarters Location

Block B Central Park, Leopardstown

Dublin,

Ireland

+353 (0)1 608 5377

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Latest Ulster Bank News

Irish banks set to post profits haul of over €4.5bn, putting focus on lack of competition

Feb 23, 2024

   The three main Irish banks are set to report a combined annual profit of over €4.5bn, a bumper haul that will put the focus back on local regulators and the lack of competition in the Irish banking market. Bank of Ireland and AIB will account for the lion's share of record pre-tax profits when they unveil their 2023 results next week, according to analysts' forecasts, reflecting a year when the lenders benefitted hugely from the hikes in interest rates by the European Central Bank even as they were able to pay out relatively low levels to deposit customers for their savings. PTSB, which reports the following week, is also expected to report a healthy level of profits its annual results. Like many European lenders, shares in the Irish banks have gained hugely from the ECB rate increases that have helped lenders boost their top line net interest income. But unlike elsewhere in Europe, the three Irish lenders have consolidated an already grip over both home mortgages and for commercial lending, following the departure three years ago of once fierce rivals, the NatWest-owned Ulster Bank and the Belgium-based lender KBC Bank. The shares of AIB and Bank of Ireland have since soared. AIB shares have gained 10% since the start of the year, but trade at well over twice their level in February 2021 when Ulster Bank confirmed plans to exit banking in the Republic. AIB, in which the Government now owns a minority stake, is valued on stock markets at at €11.26bn. Bank of Ireland shares, which have gained 7.5% since this year, have also soared since February 2021, to value the lender at €9.35bn. Analysts estimate all three banks will post significant levels of annual profits when they report in the coming weeks. Goodbody forecasts Bank of Ireland will post an underlying pre-tax profit of €2.15bn for 2023 when it unveils its results on Monday. The broker predicts AIB on Wednesday will post an underlying pre-tax profit of €2.48bn for 2023 following "a strong finish" to the year for the lender. Goodbody also estimates that PTSB, the much smaller lender of the group of three, will post an underlying pre-tax profit of €163m for 2023 when it issues its 2023 results on March 7, and forecasts a continuing "material upside" for its shares. Davy forecasts Bank of Ireland will post an underlying pre-tax profit of €2.1bn, and estimates AIB will report an underlying pre-tax of €2.3bn. And for PTSB, the broker estimates the lender will post a pre-tax profit of €87m. Both brokers also expect Bank of Ireland and AIB to pay out significant amounts to shareholders in share buy-backs and in cash. Concerns about competition following the exits of Ulster Bank and KBC Bank persist. Leading industry broker Michael Dowling said that effectively only three small mortgage banks - Avant Money, Finance Ireland and ICS - operate outside the orbit of the three major lenders. And AIB, Bank of Ireland, and PTSB had a 90% share of the €12.5n in new mortgage lending advanced last year, while AIB and Bank of Ireland control a huge share of all current accounts. The lack of competition is illustrated by the fact that there are 20 lenders competing in banking in the North, he said. Read More

Ulster Bank Investments

30 Investments

Ulster Bank has made 30 investments. Their latest investment was in Fibrus as part of their Unattributed on April 29, 2022.

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Ulster Bank Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

4/29/2022

Unattributed

Fibrus

$62.73M

Yes

1

4/20/2022

Loan

Zeus Scooters

Yes

1

11/23/2021

Unattributed

Makematic

$0.27M

Yes

1

12/1/2020

Loan

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10

9/28/2020

Debt

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$99M

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10

Date

4/29/2022

4/20/2022

11/23/2021

12/1/2020

9/28/2020

Round

Unattributed

Loan

Unattributed

Loan

Debt

Company

Fibrus

Zeus Scooters

Makematic

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Amount

$62.73M

$0.27M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

1

1

1

10

10

Ulster Bank Portfolio Exits

7 Portfolio Exits

Ulster Bank has 7 portfolio exits. Their latest portfolio exit was Thermodial on March 21, 2023.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

3/21/2023

Management Buyout - II

$99M

Management Buyout (MBO)

3

10/10/2022

Acq - Fin

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$99M

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10

12/17/2021

Divestiture

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$99M

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10

6/28/2021

Divestiture

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$99M

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10

6/15/2018

Acquired

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$99M

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10

Date

3/21/2023

10/10/2022

12/17/2021

6/28/2021

6/15/2018

Exit

Management Buyout - II

Acq - Fin

Divestiture

Divestiture

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Management Buyout (MBO)

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Sources

3

10

10

10

10

Ulster Bank Partners & Customers

10 Partners and customers

Ulster Bank has 10 strategic partners and customers. Ulster Bank recently partnered with Clarendon Fund Managers on March 3, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

3/9/2022

Partner

United Kingdom

Ulster Bank and Clarendon Fund Managers partner to launch new investment initiative on International Women’s Day

Clarendon Fund Managers Limited | Ulster Bank and Clarendon Fund Managers Limited partner to launch new investment initiative on International Women 's Day .

1

2/8/2022

Partner

United Kingdom

Launch of 2022 Business Awards with Ulster Bank

Belfast Telegraph today launches the Belfast Telegraph in partnership with Ulster Bank .

1

3/16/2021

Partner

United Kingdom

OSG Cloud lends support to Belfast Telegraph Business Awards in partnership with Ulster Bank

OSG Cloud is proud to sponsor the category of Excellence in Innovation in the 2021 Belfast Telegraph Business Awards in partnership with Ulster Bank .

1

3/9/2021

Partner

United Kingdom

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10

4/25/2020

Partner

United Kingdom

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10

Date

3/9/2022

2/8/2022

3/16/2021

3/9/2021

4/25/2020

Type

Partner

Partner

Partner

Partner

Partner

Business Partner

Country

United Kingdom

United Kingdom

United Kingdom

United Kingdom

United Kingdom

News Snippet

Ulster Bank and Clarendon Fund Managers partner to launch new investment initiative on International Women’s Day

Clarendon Fund Managers Limited | Ulster Bank and Clarendon Fund Managers Limited partner to launch new investment initiative on International Women 's Day .

Launch of 2022 Business Awards with Ulster Bank

Belfast Telegraph today launches the Belfast Telegraph in partnership with Ulster Bank .

OSG Cloud lends support to Belfast Telegraph Business Awards in partnership with Ulster Bank

OSG Cloud is proud to sponsor the category of Excellence in Innovation in the 2021 Belfast Telegraph Business Awards in partnership with Ulster Bank .

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Sources

1

1

1

10

10

Ulster Bank Team

6 Team Members

Ulster Bank has 6 team members, including former Chief Executive Officer, Gerry Mallon.

Name

Work History

Title

Status

Gerry Mallon

Chief Executive Officer

Former

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Name

Gerry Mallon

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Work History

Title

Chief Executive Officer

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Status

Former

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