Bank of Scotland (Ireland) today announced its expansion into retail banking with the launch of a series of retail products on a phased basis over the next 12 months.
In the first phase, BOSI is taking over the running of the Edinburgh-based €2 billion Irish home loan operation and is relocating it to Dublin with the creation of between 30 to 40 jobs. This is expected to rise to as many as 150 jobs as BOSI's retail division expands with the launch of a new retail credit card and a series of savings products.
Up to now, the home loan business had been run by its parent company Bank of Scotland, but the move of the home loan processing centre to Dublin is expected to be completed by July.
The bank is also planning to widen its home loan offering to cater for first time buyers and to offer a fixed rate, an interest only and a buy to let product for Irish investors.
Bank of Scotland (Ireland) says it expects to write about €800m in home loans this year, a 7% share of the Irish market. A target of 15% market share in the coming years in on the cards, it adds.
Bank of Scotland (Ireland) currently employs some 700 people in its offices in Dublin, Belfast, Cork, Galway, Limerick and Waterford. It is currently building a new headquarters on St Stephen's Green in Dublin.
'We will continue our commitment to leave more in the pocket of the Irish consumer while delivering excellent service and the Irish consumer can expect direct, price led credit card and savings products in the coming year,' commented Harry Slowey, Executive Director of BOSI's new retail arm.
