Bank of Scotland to pull out of Ireland by year-end

BoSI had been trading under the Halifax brand in Ireland but will stop operating as a licensed bank on 31 December. Its business will be transferred to Bank of Scotland after a strategic review revealed little opportunity for growth, in the wake of havoc caused by the property crash in Ireland. The decision follows Lloyds' announcement earlier this year that it plans to close down the retail and intermediary BoSI business. It also follows the bank's admission last month that as much as 90% of its €13.3bn commercial property book in Ireland was impaired. BoS will take charge of the ...