The Royal Bank of Scotland plans to maintain the role of chairman at Ulster Bank in Belfast when Sir George Quigley departs the position next month.
Royal Bank acquired Ulster Bank last March as a result of its take-over of National Westminster Bank.
Sir George, who is actively involved in a number of high-profile roles in the North, including chairman of Bombardier Aerospace in Belfast, agreed to extend his chairmanship after the merger.
Details of his successor are expected to be announced later this month but the gesture by the Royal Bank of Scotland in maintaining a separate chairman at Ulster is seen in the industry as being significant.
One senior industry source said it showed the group's commitment to maintaining the culture of Ulster Bank, despite Royal Bank of Scotland's reputation for imposing its own strong identity throughout the group.
It is understood the new chairman will be an individual who has close links with Northern Ireland and an in-depth understanding of the North's economy Mr Fred Goodwin, the chief executive of Royal Bank of Scotland, has a good knowledge of the North, both through the recent acquisition of Ulster and from his time as chief executive of the Clydesdale and Yorkshire banks, both of which are owned by National Australia Group.
The Australian financial services group also owns both the Northern and National Irish Banks and Mr Goodwin would have been on familiar terms with senior executives in both operations.
Senior industry sources say the financial services sector in the North has not ruled out an appointee from the Republic taking up the role, although it is generally perceived that the individual will have a "special insight" into Northern Ireland.
The top three candidates currently favoured by the business community in the North are Mr Gerry Loughran, the head of the Northern Ireland civil service, Dr Alan Gillespie, the chairman of the Industrial Development Board, and Sir Roy McNulty, the chairman of the National Air Traffic Systems in the UK.
All three men hold or have held high-profile positions in the North and are well respected by the business community.
Mr Loughran, who it is believed has ruled himself out of the running for the role, was appointed head of the Northern Ireland Civil Service last March, he holds a degree in Economics and Politics and taught as a university lecturer before entering the civil service.
Sir George was a former senior civil servant and Sir David Fell, a former head of the Northern Ireland Civil Service, is currently chairman of Northern Bank.
Dr Gillespie is a former director of Goldman Sachs, the global investment bank, and is currently the chairman of the North's job-creation agency. He has played a fundamental role in shaping the agency's current strategy and is seen as playing a pivotal role in enhancing Northern Ireland's reputation as an investment location.
Sir Roy is a former chairman of Bombardier Aerospace and a former non executive director of the board of Ulster Bank.
Sir Roy was a leading figure in the Northern Ireland business community before he took up the role of chairman of the National Air Traffic Systems.
