British-based Nationwide, which is reputed to be the world's largest building society with assets of around £200 billion, has opened for business in Ireland.
Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan, officially opened the new offices of Nationwide UK (Ireland) at Spencer Dock in Dublin this morning.
The institution will 19 people in the Dublin office and all enquiries, account opening and servicing will be handled locally.
Nationwide UK (Ireland) is offering a range of savings products for customers including an Easy Access Savings Account, a 6 Month Fixed Rate Savings Account and a 9 Month Fixed Rate Savings Account.
The Tánaiste said that the arrival of Nationwide Building Society into the Irish market was "a significant vote of confidence in the economy" and highlighted the opportunities for prudent operators within our banking sector.
Meanwhile, Nationwide UK Ireland's managing director Carl Gandy said the organisation's aim was to offer competitive interest rates and provide long term good value to customers.
"This move will enable us to further diversify our geographical operations and funding opportunities. We have a very different business model to that of the banks and so the time is right for us to become the first choice for savers in Ireland,” said Mr Gandy.
