Tusa, the joint in-store banking venture set up by Superquinn and TSB Bank is to close at the end of the year with the loss of 75 jobs after only two years in operation.
Launched in 1999, Tusa was Ireland’s first in-store bank and operated in 14 Superquinn stores nationwide.
Mr Brian Mahony chief executive of Tusa, said the decision was taken after a detailed and comprehensive review of the strategic options for the business.
"Tusa has been in operation for almost two years and while its made some progress in that time, the agency has not succeeded in attracting the level of business which is necessary to justify continuing its operations into the future."
The decision to close the agency will have no impact on the terms and conditions of savings accounts, current accounts, mortgages or advances held by customers with Tusa.
These accounts are all secured by Irish Life & Permanent - which has taken over TSB - and will continue to administer these accounts on behalf of customers.
A spokesperson for Irish Life & Permanent said that while the closure was regrettable, it was important to stress that customers will not be required to take any action as a result of the closure.
"Direct debits, standing orders, overdraft facilities and so forth are completely unaffected by this decision," the spokesman said.
Superquinn and TSB Bank each held a 50 per cent stake in the bank. Initial investment in the venture was more than £5 million (euro6.4 million).