Ulster Bank deputy group chief executive and board member, Mr Paddy McMahon, is to retire in early 2002.

Mr McMahon, whose departure comes several months before his formal retirement date, will step down following the completion of his current role in the bank's restructuring programme.

He played a key role in the strategic repositioning of Ulster Bank, which started in November 1999, before the takeover of its then parent, NatWest Bank, by The Royal Bank of Scotland.

One of his key responsibilities was to implement the divestment of non-core activities at Ulster Bank, including its investment and custodial services divisions and to oversee the recent corporate restructuring of the group's business in the Republic.

From Enfield, Co Meath, Mr McMahon joined Ulster Bank in 1961 and served in several senior positions, including chief executive at Ulster Bank Markets and head of corporate banking and specialised finance with Ulster Investment Bank.