The Financial Services Union has written to a number of senior politicians in Northern Ireland, including First Minister Arlene Foster and Deputy First Minister Martin McGuinness, to outline its opposition to eight branch closures being planned by Bank of Ireland for later this year.

In letters dated July 22nd, FSU general secretary Larry Broderick said the branch closures would have "serious implications" for the economy in Northern Ireland and the future of branch banking generally in the region.

“The FSU is keen to engage with elected representatives regarding its campaign to challenge the decision by the Bank of Ireland, which will have implications for the wider Northern Ireland economy,” Mr Broderick said.

He called for engagement to ensure that other banks don’t follow Bank of Ireland’s lead in closing branches.

“It is important that a strategic discussion takes place on the future of banking in Northern Ireland before employers in our sector take pre-emptive action,” he said.

The letters were sent to Ms Foster, Mr McGuinness, the North's Minister of the Economy Simon Hamilton and Minister of Finance Máirtín Ó'Muilleoir.

It is understood that Mr Broderick hopes to meet politicians in the North, including Ms Foster, in the next week or so.

The branch closures were announced by the bank last week and could result in up to 54 redundancies. Following the closures, Bank of Ireland would operate from 28 locations in the North, while also offering online, phone and mobile banking.

The bank said the volume of business in the branches that are to close was “insufficient to sustain them in the long term”. They account for about 6 per cent of the business conducted across its network in the North.

The branches to close are located in Castlereagh, Draperstown, Antrim, Belleek, Castlederg, Newtownards, Maghera and 1 Donegall Square South, Belfast (City Hall branch).

The City Hall branch will become the bank’s first enterprise lounge in Northern Ireland, offering entrepreneurs and business start-ups free facilities and services.

Staff affected by the closures will be able to transfer, redeploy or relocate to other roles within the bank or apply for voluntary redundancy.