The ESB has confirmed that it has agreed in principle to sell all of its 54 shops to Bank of Scotland (Ireland).
The deal, which is valued at around €120 million, was given the go-ahead at a special meeting of the ESB board this morning.
The ESB Officers' Association, which represents 350 of the shops' 420 staff, said it was shocked by the news, particularly as the union was currently in negotiations with the company on restructuring proposals.
Tony Dunne, a spokesman for the ESBOA which represents 350 of the shops' 420 staff, said his Association was surprised by the announcement and needed to establish the details of the proposed deal.
Two years ago, 27 ESB outlets were closed as part of a restructuring programme.
The deal means that the ESB can exit the increasingly competitive electrical retail market while the Bank of Scotland Ireland acquires a branch network, from which it can it extend its products and services.
The bank will take over the ESB's existing customer loans and electricity bills can to be paid at the bank's branches.
At the moment, the bank has 100,000 Irish customers in the home loans and motor lease markets. Speaking in Dublin this afternoon, the chief executive of the Bank Mark Duffy, said new services will be launched by the bank in November, to coincide with the opening of some of the branches.
All of its branches are due to open by the middle of next year however the Bank is not giving any details on the services and prices consumers can expect. And what market share it hopes to achieve.
Pending negotiations with the ESB Officers Association, some of the 420 shop staff will be redeployed by the ESB the remaining will be offered a financial package by the ESB and a permanent job by the Bank.
