IBOS presence in Ireland will bridge geographic gap between UK and European Union.
Bank of Ireland has joined the IBOS Association, an alliance of some of the largest banks in the world.
The Irish bank’s membership enriches IBOS’s strong geographic coverage in Europe and provides specialist local knowledge to help companies thrive in Ireland, generating compelling global opportunities for all IBOS member banks.
“Despite the current pandemic, the Irish foreign direct investment (FDI) sector continues to be resilient in the face of economic adversity”
Membership of the network allows IBOS members to provide local banking services across the globe.
This allows businesses to operate across several jurisdictions where they themselves are not present. As a result, IBOS helps customers operate efficiently, avoid exchange rate risks and streamline cash management in multiple regions through its online platform.
“During the Brexit transition and beyond, having a strong presence in Ireland is crucial, bridging the geographical gap between the UK and the European Union,” explained IBOS managing director Manoj Mistry.
“The pandemic has caused businesses to reflect on how they operate and at IBOS, we are proud to have stayed truly open for business, providing members with innovative digital solutions.”
Alliance with Silicon Valley Bank
In the third quarter of 2020, Bank of Ireland formed a new alliance with IBOS member Silicon Valley Bank (SVB), a leading high-tech commercial bank that has helped fund more than 30,000 business start-ups.
SVB is now the go-to bank for IDA Ireland, focussing on bringing new tech companies to Ireland, with all SVB banking referrals now going directly to Bank of Ireland.
“Despite the current pandemic, the Irish foreign direct investment (FDI) sector continues to be resilient in the face of economic adversity, and Bank of Ireland is the leading FDI bank in Ireland, supporting two out of every three FDI companies entering the country,” said head of FDI at Bank of Ireland Derek Collins.
“Ireland has been a huge beneficiary of FDI in recent years, and further investment in this area will continue to play a key part in Ireland’s post-pandemic recovery strategy. Bank of Ireland’s focus aligns with IDA Ireland’s, with over 20,000 new FDI jobs approved by IDA Ireland in 2020. And now that we have joined the IBOS network, we look forward to helping bring even more FDI jobs to Ireland in the coming years.”
The membership of the IBOS network was welcomed by Bank of Ireland’s head of Corporate Banking Michael Lauhoff.
“IBOS has successfully proven that even through a global pandemic it remains open for business, and the technological architecture of IBOS’s new website significantly enhances members’ abilities to provide companies with local banking support around the world.
“Bank of Ireland is delighted to become the Irish representative on this global banking network and we are also now looking forward to developing new growth markets post-Brexit through the IBOS alliance.”
By John Kennedy (john.kennedy3@boi.com)
Published: 13 April 2021
