Bank of Ireland ends AA partership, narrows UK Post Office offering

Credit: REUTERS/CLODAGH KILCOYNE

DUBLIN, Dec 5 (Reuters) - Bank of Ireland BIRG.I announced on Tuesday that it had ended its partnership with UK motoring services firm The AA and would trim its offering with the UK Post Office, marking a further retreat from the British market.

Ireland's largest bank said it had extended its partnership with the Post Office for a further five years to a minimum end date of 2031 but would no longer provide Post Office branded mortgages or personal loans and focus on savings products.

Bank of Ireland, which operates mainly in its home market, will also no longer provide unsecured personal loans and savings products under the AA brand as a result of ending that partnership.

The bank said it has historically originated the vast majority of its UK unsecured personal loans through the two partnerships and had reduced this portfolio during 2023, with balances expected to be around 1.3 billion euros by year-end.

(Reporting by Padraic Halpin; Editing by Kirsten Donovan)

((padraic.halpin@thomsonreuters.com; +353 1 500 1504; Reuters Messaging: padraic.halpin.thomsonreuters.com@reuters.net))

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