BoSI group waits on Lloyds decision

SENIOR management at Bank of Scotland (Ireland) are understood to be expecting a decision from Lloyds in the coming weeks on their bid to run the company being established to look after the bank’s Irish operations.

BoSI announced last month that it was winding down its Irish operations following a strategic review which found no opportunity for growth in the Irish market.

The bank said at the time that it would enter into an agreement with an independent service company that would perform various administrative functions relating to the BoSI banking business.

Under this proposal, most of the bank’s 800 employees would transfer via Transfer of Undertakings (Protection of Employment) Regulations to the service company.

The senior management team at BoSI has tendered to run the new services company and it is believed the team is led by BoSI chief executive Joe Higgins. BoSI would not say if other groups have tendered to run the company but it is expecting a decision in the coming weeks.

It is believed the old management team are preferred bidders to win the contract.

BOSI has already closed its 44 Halifax branches in Ireland with the loss of 750 jobs.