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Minister for Finance Micheal Noonan. Julien Behal/PA Wire/Press Association Images

EBS branches may be closed down in AIB merger

Branches of EBS may be closed down as part of the merger with AIB in order to achieve cost savings.

EBS BRANCHES MAY be closed down as part of a forced merger with AIB as a method of achieving cost savings, according to a senior industry source.

The Sunday Business Post reports that the branches could be quickly closed down as part of the consolidation of the two institutions. The source told the newspaper: “You just give them notice – no compensation”.

EBS currently employs about 650 people and has almost 100 offices across the country.

The merging of AIB and EBS was ordered by Finance Minister Michael Noonan – and the combined institutions are expected to need an injection of almost €15 billion from the state. The merged institutions also plan to shed about €25 billion worth of assets over the next three years.

Read John Ihle’s report in the print version of the Sunday Business Post >

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