BANK of Ireland has come under fierce criticism after confirming it will close more than half its branches in Northern Ireland.
The lender said it will close 103 branches across the island by the end of year, including 15 north of the border, claiming Covid-19 had dramatically accelerated the trend toward digital banking.
One-third of the branch network across the border will also go.
Branches in Ballymena, Banbridge, Crossmaglen, Downpatrick, Dungannon, Keady, Limavady, Lisburn, Lisnaskea, Portadown and Strabane are all set to close along with the Strand Road branch in Derry.
Three south Belfast outlets will also go on the Lisburn Road, Ormeau Road and University Road.
The bank said the decision follows a strategic review of its business in Northern Ireland.
It will leave just 13 Bank of Ireland branches in the north, 31 below the number it operated at the start of 2013.
Around 120 jobs are affected, but Ian McLaughlin, who heads Bank of Ireland’s UK operations said there would no compulsory redundancies.
However, Bank of Ireland has already embarked on a major voluntary redundancy programme that will see around 1,450 full-time staff go across its Irish and British operations by the end of 2021.
Mr McLaughlin said the lender remains committed to Northern Ireland, announcing that the Bank of Ireland UK headquarters will relocate from London to Belfast under the restructuring.
He said the bank would invest £7 million in digital and the remaining branches, adding that its banking services can still be accessed across the Post Office network.
But he said the Covid-19 pandemic had accelerated the long-term trend toward digital.
“Over the past 12 months we’ve seen a seismic shift towards digital banking,” said the chief executive.
“Digital banking is growing fast, while branch footfall is dropping sharply. We’ve now reached a tipping point between online and offline banking.”
But the Financial Services Union has labelled the planned branch cull “a shameful act”, repeating its call for a moratorium on closures for the rest of the year.
SIPTU said its members were shocked by the news, describing it as “a complete bolt out of the blue”.
Union organiser Peadar Nolan sad: “We are calling on the bank to halt any plans to close these branches, particularly while staff and customers are trying to cope during the pandemic.”
Bank of Ireland’s announcement has also sparked a strong political reaction.
Pearse Doherty, Sinn Féin’s finance spokesperson in the Dáil, called it “the wrong decision at the worst possible time”, accusing the lender of “using Covid-19 for cover”.
The reaction north of the border was more tempered, with both Sinn Féin and the SDLP calling on the lender to protect staff and customers.
