EQUITY Bank has merged its Northern Ireland operations with NWS Bank plc. Equity is part of the Bank of Scotland group and a wholly owned subsidiary of NWS Bank plc.

The merger will involve Equity Bank taking on a loan book from NWS Bank plc worth £30 million sterling. Equity Bank would not state the size of its own Northern Ireland business but it is less than that of NWS Bank.

"This is another significant statement, from the Bank of Scotland group, of their confidence in Equity Bank," said regional manager, Equity Bank, Northern Ireland, Mr Joe Higgins.

Equity Bank, which was bought by the Bank of Scotland some years ago, moved into Northern Ireland in May last year. NWS Bank plc has been operating in Northern Ireland since the 1970s.

The merger makes Equity Bank the fifth largest bank trading both north and south of the border under the one brand name, Mr Higgins said. The loan book in the Republic is worth £300 million.

The combined operation will employ 20 people initially, specialising in banking and asset finance products. There are plans to expand the range of services to include trade finance, structured finance and tele banking.