Northern Bank
From Wikipedia, the free encyclopedia
| Northern Bank Limited | |
 |
|
| Type | Subsidiary of Danske Bank A/S |
|---|---|
| Founded | Belfast, Northern Ireland |
| Headquarters | Belfast, Northern Ireland |
| Key people | Peter Staarup, Chairman, Don Price, CEO |
| Industry | Banking |
| Products | Various banking products |
| Website | www.northernbank.co.uk |
Northern Bank, is a commercial bank in Northern Ireland. It is one of the oldest banks in Ireland having been formed in 1824. In 1970, the Northern Banking Company Limited amalgamated with the Belfast Banking Company Limited to form what is now known as Northern Bank Limited.
The bank is considered as one of the Big Four in Northern Ireland, and issues its own banknotes. Since 1 March 2005 it has been owned by Danske Bank.
Until 1988, the bank was a subsidiary of the Midland Bank. In 1987, the bank's operations in the Republic of Ireland were re-organised under a subsidiary company, called Northern Bank (Ireland) Limited. In 1988, Northern Bank was acquired by National Australia Bank, upon which the operations in the Republic of Ireland were renamed National Irish Bank. Northern Bank then introduced a new logo, a stylised "N" in a hexagon shape. In 2002, the bank's logotype (the word "Northern") was changed to match that of the National Australia Bank.
In December 2004, Danske Bank agreed to acquire Northern Bank (and National Irish Bank) for £967m. Don Price will remain as CEO.
On 1 March 2005 the sale of Northern Bank to Danske Bank took effect, following regulatory clearance. As part of this process, National Irish Bank in the Republic was separated from the Northern Bank and given its own dedicated management team. Both Northern & National Irish Bank also moved over to Danske Bank's technology platform, and adopted a variation of the Danske Bank logo as their corporate identities. This occurred on 18 April 2006, with the bank's website displaying the new logo as early as 14 April and at least one branch being refitted on Easter Sunday, 16 April.
[edit] Robbery
Main article: Northern Bank robbery
On 20 December 2004 the cash centre at the bank's headquarters in Belfast was raided, and £26.5 million stolen. Most of this consisted of uncirculated Northern Bank notes, as well as millions in used notes. There was also over a million pounds in other currencies. The police and government as well as other major political figures in the United Kingdom and Republic of Ireland accused the Provisional Irish Republican Army of being responsible, although they denied it. A notable exception was the Sinn Féin political party, which is allied to the Provisional IRA.
The money was self insured by National Australia Bank.
