Ulster Bank’s unexpectedly resigned within two months of taking over as chairman of the Republic of Ireland business.
Rui O’Flynn said he was leaving the board for personal reasons.
In a brief statement, the bank confirmed that Offline was gone and said a search was underway for his successor.
Ulster Bank CEO told officials that his resignation had nothing to do with his parent’s strategic overview of Ulster Bank’s business.
Jane Howard said she joined the bank as a chairman with expertise in financial services.
“He was willing to help us navigate all the challenges and opportunities we face, so we regret that he left,” she said.
“Roue’s insight and expertise were invaluable to me and the board, even during the short time he was here. I thank him and congratulate him.”
The Irish Times reported in September that the wind of operations in the Republic was easing on options that NatWest was considering as part of a strategic review, as well as the possibility of selling or merging with another firm.
It is understood that Offline knew that the review was taking place before his appointment.
“Ruira asked me to assure you that his decision to resign was personal and not related to the current strategic review,” Ms Howard said.
“He also asked me to thank everyone for your hard work and dedication in serving our customers well.”
Mr. O’Fall’s resignation was immediate.
Another non-executive director, Martin Murphy, former chairman of Hewlett Packard in Ireland, will take over as chairman on a temporary basis.
Prone to fits of apathy. Unable to type with boxing gloves on. Internet advocate. Avid travel enthusiast. Entrepreneur. Music expert.