RBS: Ulster Bank CEO McCarthy To Leave Bank

2nd Jul 2010 12:17

LONDON (Dow Jones)--Royal Bank of Scotland Group PLC (RBS) said Friday that Ulster Bank Chief Executive Cormac McCarthy will leave the bank after 10 years in the position "to seek new opportunities." McCarthy will head the Ulster Bank until a successor has been found, and will continue as deputy CEO of RBS U.K. retail until early next year, the 83%-government owned bank said in a statement. Ulster Bank, RBS' retail business in Ireland, has been hard hit by the financial crisis, which caused many property-related loans to turn sour. Ireland's real estate sector has been particularly hit, following years of a construction boom. RBS said it has started an internal and external search for McCarthy's successor. -By Patricia Kowsmann, Dow Jones Newswires. Tel +44(0)207-842-9295, [email protected] (END) Dow Jones Newswires July 02, 2010 07:17 ET (11:17 GMT)