Bank of Ireland announces outcome of review of Northern Ireland business

• Branch network will reduce by 15 (from 28 to 13); £7m investment in modernising remaining branches and new technology services; relocation of Bank of Ireland UK Head Office from London to Belfast;
• Changes respond to the acceleration in digital banking which has now reached a ‘tipping point’;
• Enhanced banking services will be available to Bank of Ireland business customers at Post Offices in Northern Ireland.

1st March 2021

Bank of Ireland has today announced the outcome of a strategic review of its Northern Ireland business which has been underway since August 2020. This review underlines Bank of Ireland’s commitment to the provision of financial services in Northern Ireland, but will see a restructure of the business to respond to the significant and accelerating changes in how customers are banking today.

By the end of 2021, the number of Bank of Ireland branches in Northern Ireland will reduce by 15 to 13. Alongside this change, a £7 million investment programme will be delivered to improve the revised branch network, invest in technology, and enhance customer service. We are also announcing that the Bank of Ireland UK headquarters will relocate from London to Belfast. In the Republic of Ireland the branch network will reduce by 88, from 257 to 169.

Personal and business customers will be able to use over 500 Post Office branches to make lodgements of cash and cheques, withdraw cash and make balance enquiries. Bank of Ireland business customers will also be able to access enhanced services including cheque encashment, bulk cash lodgements and obtaining pre-ordered coin at nominated Post Office outlets.

Ian McLaughlin, Bank of Ireland UK CEO, commented: “Technology is evolving, and customers are using branches less. COVID-19 has accelerated this changing behaviour, and over the past 12 months we’ve seen a seismic shift towards digital banking.

“Digital banking is growing fast, while branch footfall is dropping sharply. We’ve now reached a tipping point between online and offline banking, and that’s why we’ve announced changes to our branch network. However, our agreement with the Post Office means we continue to protect local access to physical banking for those who want it.

“We know news like this can cause concern for some customers. We’re not making these changes immediately, giving us time to communicate fully with all our customers about every option available to them – online, in an alternative Bank of Ireland branch, or at a local post office.

“Bank of Ireland has been serving the community since 1825 and these changes mean we can continue to play a strong role in Northern Ireland for the years to come.”

The changes announced today are one part of a process that has been underway for more than a decade, but which has been accelerating in recent years. Since 2017 digital usage has increased by 50%, while branch footfall across Bank of Ireland’s network has sharply declined:

• In the three years (2017-2019) before the pandemic, the number of people visiting branches had reduced by a quarter.
• This decline has accelerated over the past 12 months, with the number of visits to branches now just a half of what they were in 2017.
• Footfall at the branches which are closing is down by nearly 70% since 2017.
• Increasingly, our customers are using Post Office services, with 52% of counter transactions now being made in Post Office branches.

To keep pace with rapidly changing customer banking preferences, the Bank is continually investing in new services. That includes investing in the technology that underpins hundreds of millions of transactions annually, launching a new mobile app with 25 new services, and introducing digital ways to pay. Today, almost 80% of our customers are now using online as their preferred channel to open a personal account.

The changes being announced today include:

• Branches: Bank of Ireland will operate a smaller but modernised branch footprint with 13 strategic locations across Northern Ireland, a reduction of 15. At least one Bank of Ireland branch will remain in each county and the nearest Branch or Post Office will be within 1 mile for customers of closing branches. The Bank will invest £2.2 million in the resized branch network and this investment – alongside our evolving and significantly improved online banking capabilities – will ensure a wide range of digital and physical banking options for our customers. Planning will now commence in respect of the branch closures, which are expected to take place from June to the end of 2021.
• Investment: An additional £4.8 million investment programme in technology will improve customer services across the Northern Ireland business. This will include investment in video conferencing, webchat and online banking options.
• Head Office: Bank of Ireland UK will relocate its Head Office from London to Belfast by the end of December 2021. This is in addition to Northridge Finance, the Bank’s growing car asset finance business, which will continue to operate out of Belfast.
• No location will be left without access to financial services or cash facilities: Personal and business customers can use Post Office branches to make lodgements of cash and cheques, withdraw cash and make balance enquiries. The Post Office will also offer newly enhanced services which complete the main counter banking requirements for most businesses including cheque encashment, bulk cash lodgements and obtaining pre-ordered coin at nominated Post Office outlets. Customers will continue to have access to free ATM services in their local community.
• Additional support for senior/vulnerable customers: A range of additional support will be in place for senior and vulnerable customers, including proactive calling by branch teams, mobile advice teams, and an over 65’s and carers telephone line.

Notes to editors

The following is a list of branches to close

Following the restructuring, Bank of Ireland’s network of branches will be at:

Armagh, Bangor, Belfast Andersonstown, Belfast City Branch (Donegall Square South), Coleraine, Cookstown, Derry/Londonderry (Culmore Road), Enniskillen, Glengormley, Lurgan, Magherafelt , Newry , Omagh.