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[IE] First Active - Ulster Bank - Residential, Commercial

2009-01-26

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stories: firstactive.ie, co.uk, reuters.com

Parent Ulster Bank announced it would close First Active plc, its specialized mortgage and investment arm, resulting in 750 job cuts in Northern Ireland and the Republic of Ireland. BBC reports the operation will be merged into the main Ulster Bank, part of Royal Bank of Scotland. From an article in TimesOnline:

"The job losses will be sought through voluntary redundancy and will be completed by the end of the year."

First Active also operated in the U.K. with a location in Birmingham and separate web site. Answers.com provides this historical brief:

"The bank has some 60 branches in Ireland and the UK. Founded as Workingman's Benefit Building Society in 1861 in Dublin, the company went public in 1998 as First Active. Ulster Bank, a subsidiary of the Royal Bank of Scotland, acquired First Active in early 2004."

Reuters noted First Active was "the first lender in Ireland to offer 100 percent mortgages." Feel free to contact us with additional info on this listing.


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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.