Royal Bank of Scotland yesterday formally announced the appointment of Dr Alan Gillespie as chairman of the Ulster Bank Group. He succeeds Sir George Quigley, who will retire from the position after 12 years, on July 1st.

In his first comments after the news, Dr Gillespie, said he intended to play an increasingly active role in the economic life of Northern Ireland and the Republic when he took up the position.

Dr Gillespie, the current chairman of the North's Industrial Development Board, said he fully appreciated the role the bank played throughout Ireland.

"The Ulster Bank has a huge business across Northern Ireland and the south of Ireland, and I look forward to becoming more deeply involved in both business communities," Dr Gillespie said.

Belfast-born Dr Gillespie already enjoys a high profile in the financial services industry in Northern Ireland and throughout Europe.

He was previously a partner and managing director of international merchant bank Goldman Sachs in London and was managing director of Citicorp's operations in Switzerland earlier in his career.

Dr Gillespie is also a non-executive director of Elan Corporation.

Sir George said Dr Gillespie "has a very successful track record and he will bring his own strengths and his own views to the job".