If Ulster Bank in the Republic of Ireland eventually finds a strategic investor, it’s unlikely to be the KBC. The Belgian group issued a statement in which it appeared to be pulling itself out of the running to take over Ulster Bank. “For Ireland, KBC’s first priority is to become profitable from 2016 onwards,” it wrote. “As of then, all available options will be considered – whether to organically grow a profitable bank, build a captive bank-insurance group, or sell a profitable bank.” Ulster Bank’s parent company RBS has been looking for ways to offload the bank which is dragging the group down. It’s thought to be open to mergers or investment from any number of sources. KBC made a loss of nearly €865m in Ireland last year but has pledged to return to profitability by 2016 with a campaign of branch openings and new products.
