Bank of Ireland will move its HQ by March

BANK of Ireland is moving headquarters to its premises in Mespil Road, a short distance from its iconic HQ in Dublin’s Baggot Street.

The Mespil Road premises, which houses a number of the bank’s operations, including its private banking arm and BIAM, will become the official group headquarters from the end of March.

It means the group’s top executive team, its investor relations arm and its corporate affairs wing, will transfer across at the end of March.

The fate of the 1,650 staff in the Baggot Street building will not be determined for some time.

It has a flexible lease on the building until 2013 and it is thought that all staff will have been transferred by the end of that year.

“No decisions on precise locations have been made at this stage, but regular status updates will be provided,” the company said.

In 2006 the HQ was sold by the group’s pension fund, Salix, to Quinlan Private for a sum of €200m.

Mr Quinlan is now resident in Switzerland.

The bank signed a 99-year lease when it moved into the property in 1972.

In its statement the bank said a programme to reduce costs by consolidating administration office space has been underway for some time, with more than seven properties exited in Dublin and London, and more than 2,000 staff relocating into the consolidated office space.

No decisions on precise locations have been made at this stage, but regular status updates will be provided. With cost management a key priority, existing office space in Dublin will be utilised where possible. Last night a spokeswoman for the bank said the latest decision in the headquarters reflected the current trading environment and “the need for the group to continue its cost-cutting programme”.

She confirmed the bank will continue to operate its bank branch at the site even after the transition process has been completed.