Irish Times: NIB "to leave high street"

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Irish Times: Focus on private banking will see NIB leave high street

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Chief executive Peter Straarup said in an interview that there was “nothing attractive” about operating banks in Ireland at the moment.

“The Irish business will focus on private banking plus the bigger of the small and mid-size corporate customers,” Mr Straarup said yesterday. “We are pulling back from traditional mass banking when it comes to branches.”
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NIB have thus far:
(1) Announced branch closures - phase I
(2) Announced branch closures - phase II
(3) Stopped taking cash in branches.

Does Peter Straarup's comments indicate that NIB will close all branches & move NIB online only or will there be a third phase of branch closures?

It seems like NIB are, bit by bit, moving away from a branch network to an online presence with a focus on private banking.
 
The Indo are reporting the same.

Karl Deeter on Twitter, who has been clued in on what is going on in the banks, has said:

NIB have done what other banks should be doing, closing branches, cutting costs. Now they have 1st mover advantage +1
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I hope NIB clarify what is happening with the branch closures, and what is happening to their depositor's soon.
 
My Local NIB bank closing at 12.30 today as they are "Merging"

As the title says rang local NIB today, and was told that they are closing for a half day as they are "Merging".

Anyone know if this is part of the re-org announced earlier this year, or it is something more drastic ? or if it is national or local ?
 
NIB are currently finishing phase II branch closures, that is the "merger" you are referring to.

The latest decision "to leave the high street" has yet to be implemented.

It took months to close First Active, Halifax, BoS and PostBank. It will also take months to close NIB.
 
If I recall correctly NIB made a major announcement earlier this year they were transferring their banking to post-offices and roll out would be in November. Whatever happened to those plans?
 
Exactly, NIB are now cash free.

The latest announcement that they are "leaving the high street", is a separate announcement.
 
Does this mean that they are leaving the high street and closing all branches so people will have to bank with them at the post office, or that they will no longer be doing personal banking? Kinda confusing!
 
NIB have failed to comment thus far on what exactly the Danske Bank "strategy change" announcement means. If you take the comments at face value then NIB are closing all their branches. It makes sense when they are no longer lending.
 
I was never really impressed with NIB. My local branch in Stillorgan were never that helpful or pleasant. The staff were always sitting around never making eye contact. I remember trying to open an account there and I was told that I had to make an appointment despite all the staff in the open plan office had no customers in front of them. When I pointed this out I was told that they were "expecting" customers shortly. What accounts I did have, I closed.
 
Just wondering it there is any update on this? I was just about to transfer some money From AIB to NIB and am now wondering what to do.
 
Westie123 said:
Just wondering it there is any update on this?
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Danske Bank Ireland are yet to comment on the announcement by their head quarters that they are "leaving the high street".

It would guess that their head quarters have told NIB to shut down their branches and it is currently in the pre-planning stage.

Maybe we will know on Friday ... or maybe not ...

Reuters:

http://www.reuters.com/article/idUSLDE6BD1IF20101214

Danske Bank to make Announcement on " the group's view of the Irish economy and comment on how the development is expected to affect the prospects for operating the bank and the future strategy of NIB, Danske Bank" on Friday December 17th

The teleconference will begin at 1100 CET (1000 GMT), Danske Bank said.

"The teleconference will be held because there has recently been increasing interest in the general economic development in Ireland and the implications for Danske Bank's activities via NIB," Danske Bank said in a statement.

Details on how to join the teleconference can be found on Danske Bank's website (www.danskebank.dk/ir), it said.
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Westie123 said:
I was just about to transfer some money From AIB to NIB and am now wondering what to do.
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I would not move money to NIB with a potential closure announcement in the works.

Are you moving your current account from AIB? If so, would you consider Ulster?

Are you moving your savings account from AIB? If so, would you consider Nationwide UK?
 
Why would you not transfer funds to NIB?, just because they've closed or are closing their branches, doesn't mean they've closed their business. Afterall, do Rabobank have a presence on the Irish high street?
 
Mpsox said:
Why would you not transfer funds to NIB?, just because they've closed or are closing their branches, doesn't mean they've closed their business. Afterall, do Rabobank have a presence on the Irish high street?
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It can be a lot of hassle moving all your banking from one bank to another. If NIB completely exit the consumer market, which seems to be a possibility, then you are going to have to go through the hassle of moving to NIB and then the hassle of moving your account for a second time.

We will wait and see if NIB
(1) Announce they are closing all branches and going online only or
(2) Completely exiting the consumer market, closing all current accounts and going after the corporate market only or
(3) Doing nothing.

The smart money is on NIB exiting the consumer market. They do zero mortgages and zero loans these days so there is no point in NIB continuing in the consumer market.
 
I am applying to reschedule a personnal loan I have with NIB. Will this be effected by NIB's proposed change? I originally borrowed €15k over 5 years and have €7k left outstanding over 2 years but hope to stretch this over 5 years
 
suemoo1 said:
Does this mean we can know lodge check through An Post as a few weeks ago I asked in my local PO and they knew nothing about it!. thanks
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Not all post offices are operating as NIB intermediaries. My local one isn't, the nearest one that is is a few miles away.

You should have got an info pack on it plus some sort of cheque book slips.
 
MisterMarkie said:
I am applying to reschedule a personnal loan I have with NIB. Will this be effected by NIB's proposed change? I originally borrowed €15k over 5 years and have €7k left outstanding over 2 years but hope to stretch this over 5 years
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NIB will be dealing with personal loans and tracker mortgages for a long time to come, even if they close their high street branches. It might be easier for you to renegotiate while NIB still have a high street presence.

aristotle said:
Not all post offices are operating as NIB intermediaries. My local one isn't, the nearest one that is is a few miles away.

You should have got an info pack on it plus some sort of cheque book slips.
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NIB will have completed the transfer of cash to post offices by March 2011 or so their website currently states.
 
aristotle said:
Not all post offices are operating as NIB intermediaries. My local one isn't, the nearest one that is is a few miles away.

You should have got an info pack on it plus some sort of cheque book slips.
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Thanks for that.. didnt get any cheque book slips etc.. i'll get onto them.
 
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