BoI to close nine branches in North

Bank of Ireland is to close nine branches across Northern Ireland in the coming months, but also plans to invest £10m (€12m) in revamping its remaining business in the North.

The move will basically result in BoI’s branch network in the North reducing from 44 outlets to 35, with the nine in Ballyclare, Ballymoney, Carrickfergus, Kilkeel, Kilrea, Larne, Rathfriland and two in Derry, merging with larger branches from May.

The closures represent roughly 7% of Bank of Ireland’s total business in the North.

All affected staff members will either be re-deployed to the relevant enlarged branches or be given the option of availing of one of the bank’s existing redundancy programmes.

The bank’s branch network in the Republic will not be affected by the latest announcement.

The plan for the North will also see BoI invest £10m in upgrading its remaining 35 branches, once the network is downsized, via refurbishments.

“The Northern Ireland marketplace is competitive and we must service our customers through a full range of contemporary and easily accessible channels.

“The changes we are making — particularly the investment in branches — are designed to help us develop our business in what is a core franchise,” Bank of Ireland’s regional manager for Northern Ireland, Sean Sheehan, commented yesterday.

Regarding the closures, he added that the bank has to ensure that its network is cost-effective and “fit for purpose”.

“We understand that closing branches is disappointing for those who use them, but the volume of business at the branches involved means they are not sustainable in the long-term.

“We will continue to service those customers through larger branches which are being modernised and upgraded,” Mr Sheehan said.

Bank of Ireland’s announcement comes a week after Ulster Bank confirmed its intention to close 22 outlets — evenly split across branches and sub-offices on both sides of the border — by May.