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| Type | Subsidiary of Danske Bank A/S |
|---|---|
| Founded | Belfast, Ireland (1824) |
| Headquarters | Belfast, Northern Ireland |
| Area served | Northern Ireland |
| Key people | Peter Staarup, Chairman, Gerry Mallon, CEO |
| Industry | Banking |
| Products | Various banking products |
| Owner | Danske Bank |
| 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. The bank is considered as one of the "Big Four" banks in Northern Ireland. It is also one of the four commercial banks which are permitted to issue their own banknotes in Northern Ireland.
Since 1 March 2005 Northern Bank has been owned by Danske Bank.
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History
The company was founded in Belfast in 1809 as the Northern Banking Partnership.1 The bank expanded across Ireland, opening its first branch in the south in 1840.2
In 1970, the Northern Banking Company Limited amalgamated with the Belfast Banking Company Limited to form what is now known as Northern Bank Limited.
Until 1988, the bank was a subsidiary of the Midland Bank, sharing Midland's branding and the Griffin logo. In 1986, the bank's operations were re-organised when its operations in the Republic of Ireland were separated from its Northern Ireland business into a subsidiary company called Northern Bank (Ireland) Limited.
In 1988, Northern Bank both banks were acquired by National Australia Bank, after which the operations in the Republic of Ireland were renamed National Irish Bank. The Northern Bank brand name continued in Northern Ireland, but a new logo was introduced, 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 remained as CEO, but was later replaced by Gerry Mallon in June 2008, the youngest ever CEO to be employed at Northern Bank.
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 migrated over to Danske Bank's technology platform with a centralised contact centre set up to deal with all incoming calls to the branches of both banks. Both banks have also 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.
Banknotes
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- See also: Banknotes of the pound sterling
In common with the other Big Four banks of Northern Ireland, the Northern Bank retains the right to issue its own banknotes. These are pound sterling notes and equal in value to Bank of England notes, and should not be confused with banknotes of the former Irish pound.
Most Northern Bank banknotes feature an illustration on the reverse side of the portico of Belfast City Hall, sculpted by F. W. Pomeroy. The front of most notes depict a range of notable people associated with industry in Northern Ireland. The designs currently in circulation are:3
- 5 pound polymer note featuring the U.S. space shuttle
- 10 pound note featuring J. B. Dunlop
- 20 pound note featuring Harry Ferguson
- 50 pound note featuring Sir Samuel Cleland Davidson, founder of the Belfast Sirocco Works and pioneer of air conditioning
- 100 pound note featuring Sir James Martin, inventor of the aircraft ejector seat,4
Northern Ireland is the only part of the UK to have issued a plastic banknote. This is the Northern Bank's Year 2000 commemorative £5 banknote, which was printed in Australia.
2005 reissue
Following the £26.5 million robbery in 2004 (see below), Northern Bank announced on 7 January 2005 that all its notes were to be recalled and reissued in different colours and styles, and using the bank's new logo. The reissue began on 14 March 2005 and was scheduled to take one month; old notes remain exchangeable at branches of Northern Bank.
The principal colours of Northern Bank notes of greater than £5 face value were changed with the 2005 reissue, and are now (former colour in brackets):
- £10 green (brown)
- £20 blue (purple)
- £50 purple (green)
- £100 red (black)
The 'N' monogram logo displayed on these new notes is now itself out of date; the bank's current logo is taken from Northern's new parent company, Danske Bank.
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.
On 9 October 2008 the trial of the only man to be charged with the robbery collapsed when Chris Ward, 26, was found not guilty. 5
References
- ^ "History". Northern Bank. Retrieved on 2008-11-13.
- ^ "History". National Irish Bank. Retrieved on 2008-11-13.
- ^ "Northern Ireland". Ron Wise's Banknoteworld. Retrieved on 2008-10-30.
- ^ "Irish Scientists and Inventors". Irish Patents Office. Retrieved on 2008-10-16.
- ^ BBC £26m bank robbery trial collapses
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