AIB to place adverts to cash in on bank exit

AIB has moved quickly to make a play for new SME business, likely to arise from Bank of Scotland’s pending retreat from the Irish market.

Less than a week after Lloyds Banking Group – which owns Bank of Scotland – announced that it was pulling out of Ireland completely (having decided to close its Halifax Ireland retail banking division), AIB is to formally advertise in the national press this week that it is “open for business” for Bank of Scotland customers affected.

Last week’s news from Bank of Scotland caused concern among the small business community with lobby group, ISME, saying that SME loan options will be restricted further “in an already shrinking banking market”.