Bank of Scotland (Ireland)

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Bank of Scotland (Ireland) Limited

Slogan	The Business People
Type	Subsidiary of HBOS plc
Founded	Dublin, Ireland (1965)
Headquarters	Dublin, Dublin, Ireland
Key people	Mark Duffy, CEO
Products	Various banking products aimed at the business and retail sector
Employees	600 (2004)
Website	www.bankofscotland.ie/

Bank of Scotland (Ireland) is a bank based in the Republic of Ireland owned by HBOS plc. It also has operations in Northern Ireland, based in the Halifax bank in the City Centre.

1 Services
2 History
3 See also
4 External link

[edit] Services

Until January 2006, the company did not have a widespread high street retail banking operation, but instead specialised in business and corporate banking. It also operates a direct mortgages sales business.

On 11 January 2006, however, the company opened its first three high street retail branches, in Ballyfermot, Dún Laoghaire, and Limerick, with 46 branches to open over the next fourteen months. This put it in direct competition with Permanent TSB as well as National Irish Bank, the smallest of the traditional Big Four (which has 59 branches). The banks open longer hours than most high street banks, and became the first Republic of Ireland bank to open on Saturday as standard. On 25 August 2006 the bank announced that its retail branches would be rebranded Halifax Ireland.

Unfortunately, as of July 2006, their Business Current Account that pays more and costs less is subject to an unwritten minimum turnover of €500,000 per annum effectively locking out many small Irish business startups from this facility.

[edit] History

The company was founded in 1965 as Equity Bank Limited. In the early 1990s, it was purchased by the Bank of Scotland. Later, the parent company established its own brand in the Irish market through the direct sales of mortgages from Edinburgh. Following this, it was decided to rebrand the existing Irish operation as Bank of Scotland (Ireland) in 2000.

In 2001, the bank purchased ICC Bank plc from the Irish State. This company, originally established as the Industrial Credit Company, and later known as Industrial Credit Corporation plc, was set up in 1933 by Sean Lemass in the Irish Free State to encourage investment in industry, the company was modelled on the Agricultural Credit Corporation (now called ACCBank).

In 2004, the company took over the direct mortgage sales business from its parent company, and moved it to Dublin. Major new offices were also opened in a brand new building in Limerick, named "Bank of Scotland House" (formerly the site of the Carlton Cinema).

In 2005, the company announced that it is to take over the ESB's ShopElectic chain of retail outlets, and turn them into high street banks. This will make the company the fourth-largest bank in the Republic of Ireland, with 52 branches. The company detailed its retail banking plans on 10 January 2006, with the first three branches to open the following day, as well as a call centre in Dundalk, County Louth. On 25 August 2006, the bank announced that it would adopt a two-brand strategy, rebranding as Halifax for its retail business and retaining the Bank of Scotland name for its industrial/commercial customers.