Ulster Bank has sold its Ulster Bank Investment Services (UBIS) business to the US-based Northern Trust Corporation for €13.5 million (£10.6 milion). UBIS, based at Dublin's International Financial Services Centre (IFSC), is primarily involved in fund administration activities and is being sold as part of the bank's decision to divest its fund management business last year.

Ulster Bank is also selling Ulster Bank Investment Managers (UBIM) and is continuing negotiations with several prospective buyers. It is expected to fetch at least £100 million (€127 million). Northern Trust has more than $1.5 trillion in assets under custody and employs 8,500 staff worldwide. UBIS has total assets under custody of €15.7 billion.