Bank vows expansion will shake up sector

The rapid expansion of Bank of Scotland (Ireland) onto the high street, with 46 branches over the next 14 months, will shake up the sector, it was claimed today.

Dermot Jewell, Consumers Association chief executive, said the offer of better value for money and convenience would lure customers away from their existing banks.

“This has been a long, long-awaited move. One it will encourage people to take an interest in their banking and two it will get them to move, to switch,” he said.

“It’s a long, long time since a bank has made a determined move to win customers. But this is only the first salvo and it is a new dawning for the sector.”

Bank of Scotland (Ireland) is to take on the country’s two big finance houses opening 46 branches in the first major retail banking network to hit the streets for over a century.

Over the next 14 months dozens of branches nationwide will open promising customers stronger interest rates and longer opening hours, including Saturday mornings and until 5pm each weekday evening.

Mark Duffy, Bank of Scotland (Ireland) chief executive, said the move would bring value for money to the market.

“They now have a real alternative to the two big Irish banks. We are building a major Irish retail banking network from scratch in two years, something which has not been done before,” he said.

“As our strategy unfolds, Irish customers will notice the difference. Our branches will open for 50% longer than the main competition. Starting today, we are launching a range of distinctive, value for money products.”

The first three branches, which will be open from tomorrow will be in Ballyfermot, Dun Laoghaire and Limerick. The Swords outlet will open later this month.

Bank of Scotland said it would focus on winning customers from Bank of Ireland and AIB, the two largest providers. Between them they deal with around 91% of Irish banking customers.

Promising convenience, the bank said branches would be open at least from 9am to 5pm Monday to Friday, while all branches will be open on Saturday from 9am to noon.

In a statement the bank said market research, carried out by Lansdowne, shows nearly 40% of Irish customers would switch their bank account to a provider with longer and more suitable hours.

Irish customers want convenient opening hours that reflect their working lives rather than the traditional management practices, the bank claimed.

The bank has also launched a monthly savings account paying 3.75%, the best rate available in Ireland for any savings product.

Telephone banking will be available to customers from tomorrow through the new customer service centre in Dundalk and online banking will follow next year.