NATIONAL IRISH Bank might be downsizing its branch network here but the group is on the hunt for a new head office in Dublin city centre.
NIB is currently based in the less-than-salubrious environs of Airton Road in Tallaght, where bookmaker Paddy Power is among its neighbours.
I’m told that NIB is looking for a prominent location in the heart of the city with about 6,000sq m of space.
Given the surplus of property on the market, it shouldn’t be short of offers.
In fact, NIB only expects to pay a slightly higher rent in the city centre than it was spending in Tallaght such has been the turnaround in the rents in the past two years
The bank also has an office in the IFSC and consolidation into the new HQ is likely. More than 200 staff are expected to occupy the new building.
This move is being sold as a reflection of Danish parent Danske Bank’s commitment to the Irish market.
Five more branch closures are in train. The chain will shrink to 28 by year end.
NIB’s branches are also to become cashless. Customers wanting to withdraw money will either have to visit a post office or an ATM.
Danske continues to suffer in Ireland. Figures for the nine months to the end of September show that NIB’s operating profit fell by 25 per cent to €36 million while income was down 11 per cent at €124 million.
Just over half a billion euro was set aside for additional loan impairment charges.
In that context, and with Bank of Scotland having already taken flight, we should probably be thankful that Danske isn’t closing up shop altogether.
