Ulster Bank has announced it will cut up to 750 jobs across its businesses on the island of Ireland. First Active will cease to exist as a separate entity as the two lenders are to merge.
In the first major job cuts announcement by a mainstream bank in the Irish market, Ulster Bank will close 45 First Active branches and the remaining 15 will be transferred to Ulster Bank.
First Active customers with mortgages, loans and deposits at the bank will be transferred to Ulster Bank and the same terms, conditions and rates will apply.
Ulster Bank is seeking up to 550 job cuts in the Republic and up to 200 in Northern Ireland. The bank said a voluntary severance packaged would be offered to staff.