Michael Torpey, group finance director of Ulster Bank, is stepping down from the post to pursue other interests.

Mr Torpey, who has a treasury background, has worked closely with the bank's chief executive Cormac McCarthy since 2000 when both men were in First Active, which was taken over by Ulster Bank in 2004.

A spokeswoman for Ulster Bank said Mr Torpey announced he was leaving yesterday. He was unavailable for comment.

Formerly finance director of First Active, Mr Torpey (48) took up the same post at Ulster Bank after its owner, Royal Bank of Scotland (RBS), bought the former building society for €887 million in 2004. Mr McCarthy was chief executive of First Active before taking up his current position.

Mr Torpey was named finance director of Ulster Bank in December 2003 shortly after RBS announced its acquisition of First Active. The takeover went through in early 2004.

He had joined First Active in October 2000 after stepping down as group treasurer of Irish Permanent and shortly after Mr McCarthy's appointment as chief executive.

Mr Torpey was appointed to the board of First Active in December 2004.

Mr Torpey joined the Irish Permanent Building Society in 1992 to establish its treasury division. Before that, he had worked with Riada Stockbrokers, Allied Irish Investment Bank and the Department of Finance.

Operating profits at Ulster Bank increased 20 per cent to £238 million (€353 million) in the first half of this year on the back of a significant rise in the number of current accounts.

The bank has benefited from a current account promotion this year, which offered €150 in cash to customers who switched accounts to Ulster Bank. More than 47,000 new current accounts were opened in the first half of this year, of which about 80 per cent were opened by people switching from another bank.

Ulster Bank has 800,000 personal and business customers and 181 branches in the Republic.