The Bank of Ireland Group has shut down its business finance division citing incompatibility with its long-term strategy. The decision, which was made about a week ago, may cost some 70 jobs by the end of March.
The bank however, will continue to operate its other UK-based motor finance business, Northridge Finance.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
“A review of Bank of Ireland Business Finance has revealed that the business does not fit with Bank of Ireland’s long term growth strategy,” the bank said in an email response to Leasing Life.
It said it would continue to administer and manage existing agreements and that its existing customers will not be affected. The bank would not comment on the volume of business written last year nor on its outstanding portfolio
balances.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
