BWG GROUP, the Irish-owned food retail and wholesale distribution business, has appointed former Ulster Bank chief executive Cormac McCarthy to its board as a non-executive director.
This is Mr McCarthy’s first appointment since he left Ulster Bank in April. He was replaced at Ulster Bank by New Zealand banker Jim Brown.
He is also a member of the board of the Coombe hospital.
Ulster Bank was part of a group of lenders that provided backing in 2006 for the takeover of BWG in a €390 million transaction by an entity called Triode, which is owned by BWG chief executive Leo Crawford, John Clohisey and John O’Donnell.
Mr Crawford said Mr McCarthy would bring “considerable experience and valuable insights to our business”. Mr McCarthy took charge of First Active in 2000 and was appointed head of Ulster Bank after its UK parent, Royal Bank of Scotland, acquired First Active for €887 million in 2004.
Under Mr McCarthy’s watch, Ulster Bank enjoyed strong growth in Ireland until the financial crisis hit in late 2008. Since then, it has restructured its operations, making about 1,000 staff redundant and closing First Active. In May, it emerged that RBS has set aside a further £1.3 billion for bad debts at Ulster Bank in the first quarter, bringing total loss provisions since the banking crisis began to £7.3 billion.
