ESB deal paves way for cheaper banking

David Clerkin

The E120 million deal will see the bank take over 54 ShopElectric stores, which it will reopen under the Bank of Scotland brand from November. More than 400 staff will be offered redundancy packages as well as new jobs with the bank.

Bank of Scotland (Ireland) chief executive Mark Duffy said the takeover was “fantastic” for the bank, the ESB and the staff involved, but that customers would be the biggest winners. The bank said the network would allow it offer: * cheaper and more customer-friendly current accounts, loans and savings.