Bank of Ireland to close 15 branches in Northern Ireland

Bank of Ireland has announced it will close 15 branches in Northern Ireland.
Bank of IrelandBank of Ireland
Bank of Ireland

This number makes up more than half of its 28 branches currently operating here.

It is part of a wider cost cutting exercise which will shut over 100 branches across the island of Ireland.

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The Dublin-based bank operates across the Republic of Ireland and the UK, and is one of NI's 'big four' banks.

Chief Executive Francesca McDonagh said the bank's UK head office will also relocate from London to Belfast.

The bank has been reviewing its Northern Ireland operations and there had been speculation that it could withdraw from the market.

That has not happened, but Ms McDonagh said the Northern Ireland business will undergo "a material restructure".

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Aside from closing 15 branches, that restructure will include simplifying its range of products with a greater focus on car finance and mortgages.

All banks have seen increased impairment charges due to the economic impact of the pandemic.

The bank as a whole showed an annual loss of €760m (£657m), again due to impairment charges.

Bank of Ireland had already closed several branches over the last decade.

In 2011, it had 44 branches in Northern Ireland.

In August, the bank said it was aiming to cut 1,400 jobs from its UK and Ireland operations.

Last week Ulster Bank confirmed it would close its Republic of Ireland business over the next few years.