Bank of Ireland focuses on corporate expansion

Bank of Ireland has announced it is to focus on expanding its business in high growth niche sectors in international markets, while doubling its core business in Ireland.

The strategy has been developed as part of a refocusing programme which has been implemented over the last 18 months to exploit opportunities in Ireland, the US, UK, French and German markets.

The programme includes:

- the recruitment of 100 skilled bankers, bringing the total number of staff to 375;

- the acquisition and integration of Burdale Financial Limited into the specialised finance business:

- the opening of its first European office – in Paris;

- plans in place to recruit additional specialists in other sectors and locations including property finance capabilities in the UK and Europe;

- an alliance between Corporate Banking and Macquarie Securities (USA) Inc in the US;

- extending the footprint across all five business sectors.

Bank of Ireland Corporate Banking boss Richie Boucher said: "Corporate Banking currently contributes 15% of overall group profits. With strong economic growth in our key markets of Ireland, UK and the US and with some sign of recovery in Continental Europe, most notably France and Germany, we are well positioned to increase our overall contribution to group profitability."