The Bank of Scotland is planning to close its banking operations in Ireland. The Bank of Scotland Ireland is going to transfer its business to the parent company and the Belfast office will also be transferred.

The Bank of Scotland has planned to appoint another company to operate the loan book of Ireland. This process is expected to be completed in next two to five years. Most of the staff of the Bank of Scotland Ireland will be transferred to the new firm.

As per the Unite trade union, the job security is the main aspect to consider while transferring the company.

According to the broadcaster RTE of Ireland, the senior management team of Bank of Scotland Ireland has tendered to regulate the wind down company. As per the report the team led by the current chief executive of Bank of Scotland Ireland, Joe Higgins is considered to be the most suitable bidder for the contract.

The bank has a total number of 150,000 customers in Ireland and also has a loan book of 32 billion euros in the island. The bank was much focused on property lending and as a result it suffered with the property crash in Ireland.