Bank of Ireland subsidiary expands

Bank of Ireland Private Banking have announced plans for expansion with the launch of a new direct private banking arm that will actively target business from non Bank of Ireland clients.

Sean O’Murchu, previously Head of Retail Channel Management, will head up the new venture.

A team of seven senior private bankers have been appointed and this number is expected to grow as the business develops.

In addition, a market research unit has been launched to support the development of the business.

Mr Sean O’Murchu said: "Over the last 10 years, there has been a huge surge in wealth creation in Ireland as a result of which we have seen excellent growth in our private banking business. Private Banking’s profitability and assets under management has seen a threefold increase in the past four years.

"We are increasingly growing the number of clients who have no connection with Bank of Ireland and we are seeing a growth in enquiries from those who have been using other firms."

"Last year, in our annual ‘Wealth of the Nation’ report, we highlighted the existence of 33,000 millionaires in Ireland. We believe that any of these is a potential client for us."

The new Direct Private Banking business has access to a team of in-house specialists who advise on fund management, alternative investments, property investments, credit facilities and retirement plans.