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8th Jan 2009
Bank of Ireland will no longer accept new residential mortgage business through brokers in the UK
Bank of Ireland will no longer accept new residential mortgage business through brokers in the UK.
A stock market announcement today reveals that Bank of Ireland's distribution in the UK will now only be generated via its joint venture with the UK Post Office and through 44 Bank of Ireland branches in Northern Ireland.
As a result, its UK residential mortgage book, which stood at £29bn on 30 September 2008, is expected to reduce significantly over an extended period of time.
The plans are part of the bank's strategy to reduce dependency on wholesale funding through selective balance sheet de-leveraging and to manage its cost base.
It is also planning to cut around £30m in annual costs under a restructuring cost which will result in a once-off charge of around £40m.
A number of staff are expected to be placed in consultation as the bank looks to close its Solihull and Reading offices.
There has been no word yet as to how the changes will impact on Bank of Ireland's subsidiary brand Bristol & West. |
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