February 16, 2011
By Staff Reporter
By Andrew Bushe
DUBLIN — A partnership of the Canadian Imperial Bank of Commerce and British mortgage bank Northern Rock are to set up a cash deposit operation in Ireland which will be conducted by phone, post and over the Internet.
Their decision to offer competition in the Irish finance market follows the decision by Bank of Scotland to offer lower mortgages in the same way from their Edinburgh head-quarters.
No details are yet available of what rates will be on offer to savers in comparison to Irish banks and building societies.
Northern Rock is the 12th largest British quoted bank and the move into Ireland is part of a shake-up that will involve the closure of 29 of its 105 branches.
A new call center is to be established in Sunderland and extra staff will be being taken on at its headquarters in Newcastle to handle e-commerce.
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In April 1997, Northern Rock Building Society members voted to convert to a public limited company. It had been Britain’s fourth largest building society.