The strategy has been developed as part of a refocusing programme which has been implemented over the last eighteen months to ensure that Bank of Ireland Corporate Banking is well positioned to exploit opportunities in Ireland, the US, UK, French and German markets. The programme has included the recruitment of 100 skilled bankers as well as the implementation of key initiatives, including a number of acquisitions across its business.
Specifically, the programme includes:
- The recruitment of 100 skilled bankers, bringing the total number of staff to 375;
- the acquisition and integration of Burdale Financial Limited into the specialised finance business:
- the recruitment of one of the UK’s leading media finance team;
- the opening of its first European office – in Paris;
- plans in place to recruit additional specialists in other sectors and locations including Property Finance capabilities in the UK and Europe;
- a successful alliance between Corporate Banking and Macquarie Industries (USA) Inc in the US;
- extending the footprint across all five business sectors.
Commenting on the restructuring programme and growth strategy Richie Boucher, Chief Executive, Bank of Ireland Corporate Banking said, “We have significant momentum in our growth strategy. In Ireland, we are focussed on a relationship-based approach, with customer needs determining the service from our comprehensive banking proposition. Internationally, our focus is on high growth sectors where experience, skill and expertise are differentiating factors over scale.
Corporate Banking currently contributes 15% of overall Group profits –. With strong economic growth in our key markets of Ireland, UK and the US and with some sign of recovery in Continental Europe, most notably France and Germany, we are well positioned to increase our overall contribution to Group profitability. Our strategy for the future is clear with increased focus on international markets, while developing Ireland as our core market”.
“Our business is now organised into five customer facing units - Property, Domestic, Institutional, Global Project Finance and Specialised Finance Teams in Europe and the US. We are now focussed on doubling our domestic Irish business over the next five years while exploiting niche sectors in international markets. This strategy will be supported through further recruitment of highly skilled bankers as well as further new office locations in Europe and the US”.
The growth momentum has been reflected in a number of recent high profile deals. Included are the execution of private placements for Kingspan Group and Grafton Group plc to a combined value of US$525 million under the Macquarie alliance this year, the funding for the acquisition of Superquinn, sole lead arranger for UTV’s acquisition of the Wireless Group, sole lead arranger for the buyout of Micromania in France, and lead arranger of financing for Pernod Ricard in its acquisition of Allied Domecq. Our Global Project Finance team ranked in the Top 7 of European Project Finance tables (the only Irish Bank in the top 20).
Concluding Richie Boucher said: “We have considerable momentum in our business strengthening the Bank of Ireland Group’s franchise in Ireland and following a measured international expansion in niche sectors.”
