IBOS Association (IBOS), an international banking network, is delighted to announce its newest member, Bank of Ireland (BoI).
Bank of Ireland enriches IBOS’s strong geographic coverage in Europe and provides specialist local knowledge to help companies thrive in Ireland, generating compelling global opportunities for all IBOS member banks.
As a unique international alliance, consisting of some of the largest banks in the world, the network allows IBOS members to provide local banking services across the globe. This allows businesses to operate across several jurisdictions where they themselves are not present. As a result, IBOS helps customers operate efficiently, avoid exchange rate risks and streamline cash management in multiple regions through its online platform.
IBOS Managing Director, Manoj Mistry, commented: “During the Brexit transition and beyond, having a strong presence in Ireland is crucial, bridging the geographical gap between the United Kingdom and the European Union. The pandemic has caused businesses to reflect on how they operate and at IBOS, we are proud to have stayed truly open for business, providing members with innovative digital solutions.”
In Q3 2020, Bank of Ireland formed a new alliance with IBOS member Silicon Valley Bank (SVB), a leading high-tech commercial bank that has helped fund more than 30,000 business start-ups. SVB is now the go-to bank for IDA Ireland, focussing on bringing new tech companies to Ireland, with all SVB banking referrals now going directly to Bank of Ireland.
Derek Collins, Head of FDI, Bank of Ireland commented: “Despite the current pandemic, the Irish Foreign Direct Investment (FDI) sector continues to be resilient in the face of economic adversity, and Bank of Ireland is the leading FDI bank in Ireland, supporting two out of every three FDI companies entering the country. Ireland has been a huge beneficiary of FDI in recent years, and further investment in this area will continue to play a key part in Ireland’s post-pandemic recovery strategy. Bank of Ireland’s focus aligns with IDA Ireland’s, with over 20,000 new FDI jobs approved by IDA Ireland in 2020. And now that we have joined the IBOS network we look forward to helping bring even more FDI jobs to Ireland in the coming years.”
Michael Lauhoff, Head of Corporate Banking, Bank of Ireland added: “IBOS has successfully proven that even through a global pandemic it remains open for business, and the technological architecture of IBOS’s new website significantly enhances members’ abilities to provide companies with local banking support around the world. Bank of Ireland is delighted to become the Irish representative on this global banking network and we are also now looking forward to developing new growth markets post-Brexit through the IBOS alliance.”
Throughout 2021, the IBOS network will continue to grow and is motivated to expand its international alliance across Australasia, Africa and the UAE.
Jerome Cavaliero, Head of Global Sales Coordination at UniCredit and Chairman of IBOS Board, further added: “We are glad to welcome Bank of Ireland as our newest IBOS member. This confirms the attractiveness of our value offering to corporates around the world, which are looking at working with local market leaders. I am looking forward to this fruitful cooperation with our other member banks for the entire benefits of our clients.”