Ulster Bank has said it will pay a dividend of €1.5 billion to Royal Bank of Scotland, its parent company.
In a statement to the stock exchange, Ulster Bank said the dividend would be paid at the end of this month, subject to approval by its board. The statement said that Ulster Bank remains in a strong capital position following the payment of the dividend, and stands significantly above regulatory capital minimums.
It added that the required regulatory approvals for payment of the dividend have been received from both the Central Bank and the European Central Bank.
Ulster Bank’s chief executive Gerry Mallon said the move signalled a very important milestone for the lender and was evidence of its strengthening position.
“Ulster Bank remains very well capitalised with a strong balance sheet and is well-positioned to continue to support customers’ ambitions through our excellent products and service,” Mr Mallon added.