Bank of Ireland has joined the IBOS Association (IBOS), an international banking network.

IBOS counts some of the largest banks in the world as its members and its network allows these lenders to provide local banking services across the globe.

This allows businesses to operate across several jurisdictions where they themselves are not present.

As a result, IBOS said its members help customers operate efficiently, avoid exchange rate risks and streamline cash management in multiple regions through its online platform.

IBOS said that Bank of Ireland will enrich its strong geographic coverage in Europe and will provide specialist local knowledge to help companies thrive in Ireland.

"During the Brexit transition and beyond, having a strong presence in Ireland is crucial, bridging the geographical gap between the United Kingdom and the European Union," IBOS Managing Director Manoj Mistry said.

"The pandemic has caused businesses to reflect on how they operate and at IBOS, we are proud to have stayed truly open for business, providing members with innovative digital solutions," he added.

Derek Collins, Head of FDI at Bank of Ireland, said that despite the current pandemic, the Irish Foreign Direct Investment sector continues to be resilient in the face of economic adversity.

He noted that Bank of Ireland supports two out of every three FDI companies entering the country.

"Ireland has been a huge beneficiary of FDI in recent years, and further investment in this area will continue to play a key part in Ireland's post-pandemic recovery strategy," Mr Collins said.

"Bank of Ireland's focus aligns with IDA Ireland's, with over 20,000 new FDI jobs approved by IDA Ireland in 2020. And now that we have joined the IBOS network we look forward to helping bring even more FDI jobs to Ireland in the coming years," he added.

Michael Lauhoff, Head of Corporate Banking at Bank of Ireland, said that IBOS has successfully proven that even through a global pandemic it remains open for business.

"The technological architecture of IBOS's new website significantly enhances members' abilities to provide companies with local banking support around the world," he said.

"Bank of Ireland is delighted to become the Irish representative on this global banking network and we are also now looking forward to developing new growth markets post-Brexit through the IBOS alliance," he added.