Ireland's retail banking boost
Corporate banking might have taken a nosedive in Ireland over the last few months, but retail banking is still witnessing expansion plans and new players entering the market.
Nationwide, the UK's biggest building society, has announced plans to set up an Irish operation. This is the firm's first venture into the eurozone and, while it says it wants to attract retail savings in the Republic, some suspect its real motivation may be to gain access to European Central Bank funds to ease credit crunch funding problems.
A spokesperson for Nationwide said: "The fact that we'll be able to access ECB funding was obviously a consideration but not the only reason. Launching in Ireland will enable Nationwide to further diversify its geographical operations and funding opportunities and improve our balance sheet."
Meanwhile, Ulster Bank has made a play to get one over its Big Four rivals - Bank of Ireland, AIB and National Irish Bank - by opening three new branches and creating 24 new jobs.
It's part of a €73m expansion plan by Ulster Bank, which it hopes will make it the country's largest bank.
This aggressive expansion is in contrast to Ireland's other banks, who are struggling with the twin problems of the global economic situation and a domestic property slump.
Richard Donnan, managing director of Ulster Bank Personal Banking, says it will continue to buck the trend of branch closures because it is confident about the future.
"Notwithstanding the current challenging market conditions, Ulster Bank is very much open for business and these latest openings demonstrate our growth ambition and confidence in the future."
