First Active chief executive Cormac McCarthy has landed the top job at the enlarged Ulster Bank Group and Michael Torpey of First Active will become finance director.
Current Ulster Bank chief Martin Wilson will become deputy chairman of the new entity, while Richard Houghton, the current Ulster Bank financial director, will continue as an executive director of the enlarged group with responsibility for the integration of the two businesses.Meanwhile, First Active will delist from the Irish Stock Exchange on January 2 2004 as part of its takeover by Royal Bank of Scotland (RBOS).
On November 27 an extraordinary general meeting of First Active shareholders will be held to consider the various resolutions necessary to effect the acquisition. The financial watchdog IFSRA has approved the deal.
RBOS has offered to pay €887m or €6.20 per share for First Active, saying that the combination of First Active and RBOS's subsidiary Ulster Bank will create a highly effective challenger to the larger competitors in the Irish banking market.
A former building society, First Active demutualised in 1998. Its takeover protection ended on September 7 last. The RBOS offer represents a premium of more than 150% on the price of the shares when First Active demutualised.
