National Irish Bank (NIB) is to be rebranded under the name of its parent company, Danish group Danske Bank, later this year.
The move forms part of a total reorganisation of Danske’s operations here. As well as the NIB name going, the business will be structured around three separate divisions — personal banking, business banking and corporates and institutions. The new organisation will take effect from the beginning of next month, but the full rebranding won’t be complete until nearer the end of the year.
Danske Group chairman Eivind Kolding said that integrating NIB with the rest of the group will support its drive for growth in corporate and private banking — two areas in which NIB saw some growth levels in the first quarter of this year.
“We want to focus on our core business in Ireland. Danske has considered alternative options and decided that this solution is the best, in terms of creating value. With these initiatives, we also confirm our commitment to Ireland,” he said. “The overall goal is to deliver unsurpassed customer experiences and build a strong brand with customer appeal in all our markets.”
He said that the new structure will also push decision-making closer to the bank’s customers.
The group will also hive off DKK35bn (€4.7bn) worth of loans (approximately 56% of NIB’s current loan portfolio) into a new entity as part of the current wind-down.
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