CorporateHeadquarters: With its head office functions spread around the city, Bank of Ireland may decide - like AIB - to concentrate its headquarter services in one location, writes Jack Fagan.
Bank of Ireland is investigating the possibility of concentrating all its headquarter functions in a single new location in the Dublin area.
A report on the options available is currently being prepared and is due to be considered by the bank's top executives over the coming months. It may recommend a major rationalisation of the present arrangements which involve 32 different offices spread all over the city.
The review comes at a time when the bank is planning to reduce staff numbers by 2,100 and close 10 branches.
The problem facing the bank is that, although it occupies almost 92,900sq m (1,000,000sq ft) in the Dublin area - apart altogether from the branch network - its head office at Lower Baggot Street has a floor area of only 18,580sq m (200,000sq ft).
Around 1,650 of the 7,000 people on the headquarter's staff are based at Baggot Street. That building has been in use since 1972 and is rented from the Bank of Ireland Pension Fund under a 99-year lease which has another 66 years to run.
The remainder of the headquarters staff and back office support services are based at 31 other centres, only two of which (Cabinteely and the former New Ireland block on Dawson Street) are owned by the bank.
Some of the better known services not based at Baggot Street include Bank of Ireland finance, private banking, asset management, internet business, export services, motor loan and international service.
Should the bank decide to move to a newly developed headquarters with a floor area of close to 41,805sq m (450,000sq ft), its choice would probably be between a site in the north city docklands or a suburban location such as Cherrywood, Central Park in Leopardstown, Ballymun or Santry Demesne.
While moving its principal head office functions to a new headquarters, the bank could also continue to use both Baggot Street and Cabinteely for support services.
The decision to tackle the present unwieldy network of offices in Dublin comes as AIB embarks on the enlargement of its headquarters at Ballsbridge. Three new seven-storey blocks which will have an area of 37,000sq m (398,264 sq ft) are to be developed at the bankcentre. AIB has reached agreement for the sale and leaseback of the new facilities.
