A UK bank is to pull out of Ireland with the loss of more than 40 jobs, it was announced today.
HFC, a subsidiary of global giant HSBC, said it decided to close to focus on its UK operations.
It blamed the extra costs generated by working in a foreign currency and the differing regulatory, legal and business climate between the two countries.
The bank offered personal loans and insurance products from seven branches throughout the country.
Richard Spence, chief executive officer, HFC Bank UK said: “We undertook a strategic review of our business in Republic of Ireland looking at scale and the fit with our core UK business.
“The RoI operation is the only part of HFC Bank not operating in sterling which presents a challenge for us and we’re unable to make economies of scale to counter the extra costs generated by the change in currency.
“The differing regulatory, legal and business climate between the two countries also represents a significant challenge.”
The company said it had started negotiations with the 41 affected workers and would make every effort to help them find alternative employment.
“I’d like to take this opportunity to thank all our staff for their hard work and dedication during HFC’s lifetime in Ireland,” Mr Spence said.
“We have now entered into consultations with staff representatives and we will make every effort to help staff throughout this transition to find alternative employment with the help of professional outplacement services as well as providing a generous redundancy package.”
HFC has branches in Dublin, Kildare, Limerick and Galway.