MBNA jobs fears allayed
Last August, Bank of America had announced it was exiting the credit card business both here and in Britain creating major uncertainty for staff at its Carrick on Shannon facility.
According to Jobs Minister Richard Bruton, his department and the IDA have spent the intervening months trying to find a “solution” which would protect the Irish jobs.
Yesterday, Bank of America confirmed it had successfully sold the credit card operation serving the Irish market to private equity firm Apollo Global Management. That move secured 250 of the total jobs.
It was also confirmed that the remaining 400 jobs in Carrick on Shannon which currently service the British side of the business, would continue as a going concern.
“Bank of America is a massive employer and a huge contributor to the economy in Carrick-on-Shannon and the North-West, and last August’s announcement was a major shock to the region,” said Mr Bruton. “When I travelled to Carrick shortly after the announcement I pledged that Government would do everything possible in an effort to secure these jobs. Since then an intensive process has taken place and I commend the IDA in particular for their work on this case.
“Today’s announcement secures the 250 jobs employed in the Irish operation, and provides good news for the 400 people employed on the British business. I will continue to ensure everything possible is done to secure all jobs in the Carrick-on-Shannon operation for the long term.”
Gerry Faughnan, president of Carrick Chamber, said the international investors had reviewed the Carrick operation “and found a flexible, cost-effective workforce that is hungry to succeed”.
New York-based Apollo said that as well as the 250 staff, it would be gaining more than 200,000 customer accounts.
The deal with Apollo is expected to close in the first half of 2013 subject to regulatory approval.
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