01 Mar 2021 | 10.25 am
Bank Of Ireland To Shutter 88 Branches
New partnership with An Post
01 Mar 2021 | 10.25 am
Bank of Ireland has announced plans to close 88 branches, reducing the network from 257 locations to 169.
The bank said that the branches being closed are mainly self-service locations which do not offer a counter service. In Northern Ireland, the branch network will also reduce from 28 to 13.
Francesca McDonagh (pictured), Group CEO, commented: “We’ve now reached a tipping point between online and offline banking. The number of people visiting branches has sharply declined, and is now just over half of what it was in 2017. Footfall at the branches which are closing is down even more, by c.60% since 2017.
“However, through a new partnership with An Post, we continue to protect local access to physical banking for those who want it. Combined, our customers will be able to bank at about 1,100 locations nationwide.
“We’re not making these changes immediately – no branches will close in the next six months. That allows us to ensure the An Post partnership is up and running before any branches close, and gives us time to communicate fully with all our customers about every option available to them online, in a nearby BOI branch, or at a local post office.”
Bank of Ireland says the new partnership with An Post will enable personal and business customers to use their local post office for a range of banking services – including to withdraw cash and make cash and cheque lodgements – at no additional cost. The closing Bank of Ireland branches all have a post office within, on average, less than 500 metres, according to McDonagh.
Debbie Byrne, managing director of An Post Retail, commented: “An Post already offers a comprehensive range of financial services under the An Post Money brand such as current accounts, personal lending, credit cards and cash and card foreign exchange and other services such as BillPay, Western Union. We have a long history of being the front office for the NTMA range of State Savings products. ‘
‘Our ambition is to provide a full product offering with competitive rates and innovative features, market leading in some instances like on our credit cards and green loan. This new agreement with Bank of Ireland means that we can offer all Bank of Ireland personal and SME customers withdrawal and lodgement services in every one of the 940 post offices nationwide.We already offer for AIB and Ulster Bank personal and business customers with more than 4.5 million transactions and a cash value of c€1.5bn annually.”
The Bank of Ireland branches earmarked for closure are the following:
– Miltown Malbay
– Cork Institute of Technology
– James Street
– Law Library
– Merrion Road
– Tralee IT
– Leixlip – HP/Intel
– University of Limerick
– Athlone IT