RaboDirect Ireland to close

RaboDirect Ireland, the online savings bank, is closing on May 16, 2018.

The decision follows moves by the Rabobank Group, to simplify its business model across the world and reduce costs.

RaboDirect was established in Ireland in 2005 to provide funding for lending activities.

The group claim that changing conditions across Europe and Ireland means that "this source of funding is no longer required by Rabobank."

Rabobank say they will continue to be committed to their corporate banking activities in Ireland and claim that its exclusive focus on Food and Agri clients will not be impacted by the bank's withdrawal from the Irish market.

The decision, announced this afternoon, means 90,000 customers now need to transfer their savings to another company.

In a statement the group thanked its customers: "We would like to thank our customers for their support over the years.

"We pride ourselves on our customer service and have always tried to make sure that doing business with us was as easy as possible.

"We intend to continue to honour these commitments as we exit the market and will make it as straightforward as possible for our customers to close their accounts and transfer their savings securely to another financial institution.

"We have begun contacting each customer directly with the actions they need to take before May 16, 2018."

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