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The boards of The Royal Bank of Scotland (RBS) and First Active plc announce that they have agreed the terms of a recommended acquisition for cash of First Active.
The combination of First Active and RBS’s subsidiary Ulster Bank will create a highly effective challenger to the larger competitors in the Irish banking market. First Active’s strength in mortgages and savings and investment products will complement Ulster Bank’s broader range of banking products for personal and business customers. In the Republic of Ireland, the combined business will have approximately 800,000 personal and business customers and a network of 173 branches. Across the Republic of Ireland and Northern Ireland, there will be approximately 1.3 million personal and business customers and 263 branches.
