The complex plan, one of a number of options being considered, could help lift shares in RBS prior to a sale of the Government's stake in the bank.
Ulster has accumulated pounds sterling 2.5bn of losses over the past couple of years, but if RBS managed to reduced its stake to below 50pc the losses would not have to feature in the accounts.
McEwan said in February that RBS would be staying in the
In terms of the Republic he said: 'We want to make sure that, A, we stay there, but two, just try to create some far better economy of scale and we were happy to work with other parties on that.' McEwan has promised to have hatched a solution by August.
One of the options being considered is to sell a stake to a private equity firm, which would then merge Ulster with another Irish bank to gain scale and cost savings.
Some of the private equity firms understood to be considering a deal are
An RBS spokesman declined to comment.
RBS is also on course to part company with long-standing auditor Deloitte – the alma mater of discredited former boss
Deloitte, where Goodwin worked as an accountant, has audited RBS since
RBS intends to put the audit contract for 2016 and future periods up for tender later this year.
The move follows an investigation by the competition regulators that recommended companies should put the audit out to tender at least once a decade. RBS is following other lenders including the
The firm's audit of the
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