Hi,
Is Rabo preparing to leave the Irish market completely ?
For obvious reasons, they closed ACC Bank for new lending a number of years back and by extension, they have been running down the loan book ever since. Recently, they wound up ACC Loan Management and transfered the remaining staff and loan book to Capita (with Capita to manage the loan book on behalf of Rabo, pending a potential sell off of the remaining loans ?).
Next thing, Rabodirect announce that they are closing down the Investment section.
Then I discover that Rabobank are advising all business customers that they will no longer be accepting business deposits and as existing deposits mature, they are being "pushed out" of Rabo, so accounts can be closed.
So, whats next - will we soon see an end to Rabodirect, leaving only a small corporate office as Rabo's final involvement with Ireland (and if so, will that even last ?) ?
This does look quite a bit like how former foreign banks have left Ireland - remember BoS fist closing down Hallifax, then the commercial business, then more and more of the residential book gets sold off with the remainder managed from either the UK or Pepper. Likewise, we saw Danske start with closing branches and winding up it's Wealth Management, then the regional offices (or hubs or whatever they were called) were closed.
Is Rabo preparing to leave the Irish market completely ?
For obvious reasons, they closed ACC Bank for new lending a number of years back and by extension, they have been running down the loan book ever since. Recently, they wound up ACC Loan Management and transfered the remaining staff and loan book to Capita (with Capita to manage the loan book on behalf of Rabo, pending a potential sell off of the remaining loans ?).
Next thing, Rabodirect announce that they are closing down the Investment section.
Then I discover that Rabobank are advising all business customers that they will no longer be accepting business deposits and as existing deposits mature, they are being "pushed out" of Rabo, so accounts can be closed.
So, whats next - will we soon see an end to Rabodirect, leaving only a small corporate office as Rabo's final involvement with Ireland (and if so, will that even last ?) ?
This does look quite a bit like how former foreign banks have left Ireland - remember BoS fist closing down Hallifax, then the commercial business, then more and more of the residential book gets sold off with the remainder managed from either the UK or Pepper. Likewise, we saw Danske start with closing branches and winding up it's Wealth Management, then the regional offices (or hubs or whatever they were called) were closed.