The Irish Bank Officials Association has announced a major reorganisation, which includes changing its name to the Financial Services Union. 

The 98 year old union represents around 15,000 workers in Ireland.

The union said it was undertaking the relaunch to better reflect the significant changes in the financial services industry in recent years, with the rebrand designed to broaden its appeal beyond staff in traditional banks.

The FSU has also changed its constitution, which it says will help make its decision-making process more responsive.

Larry Broderick, the FSU's general secretary said that the banking sector has been revolutionised by globalisation, technology and the growing needs of its members. 

"Banking is now part of an international financial services industry which includes not just bank tellers, but software developers, derivative traders, financial advisers and sales teams," he stated. 

Mr Broderick said that unlike its predecessor the FSU does not have to battle to ensure basic workers' rights or, as it did in the 1950s, remove the obligation for bank officials to seek their employers' approval of their future spouse.

"There are still, however, serious issues around pay, pensions and job security, and our members benefit from having a strong advocate in the form of the union. Increasingly, the FSU will also develop its role to support our members' career aspirations to ensure that their skills remain relevant to ever-changing demands," he added.