Bank of Ireland Business Banking launch first ever proposition for Polish Business Customers

- Estimated that up to 2000 businesses per year (10%) are now started by foreign nationals

Bank of Ireland Business Banking today (14 June 2007) announced the launch of a new Business Banking proposition for Polish customers. This initiative, the first of its kind in Ireland, offers a range of dedicated banking services aimed at the Polish community.

According to the latest Census, foreign nationals now account for 10% of the total Irish population with over 200,000 coming from Poland alone. In terms of entrepreneurial activity, it is estimated that up to 6-10% of new businesses are now established by non-Irish owners every year. Popular industry sectors for new start-ups include restaurants and food related businesses, construction, consultancy and retail enterprises. In terms of future business growth, a recent study carried out by Lifestyle Consumer Research found that 17% of the foreign nationals surveyed planned to start their own business in Ireland over the next 3-5 years.

Speaking at the launch, Damian Young, Head of Small Business, Bank of Ireland Business Banking said: "Latest projections show that the foreign national population could grow to 19% by 2020. We have recognised the changing needs of our customer base and this is the first in a range of SME initiatives due to be launched to foreign nationals by Bank of Ireland".

Over the last six months, Bank of Ireland has carried out extensive research on foreign national customer needs and found that access to translated information and a lack of understanding of Irish banking terminology were the main concerns articulated. In response, the Bank has launched this new package, which includes the following:-

Commenting on the launch of the new package, Tadeusz Szumowski, the Polish Ambassador to Ireland said, "I am delighted to be involved in this milestone announcement for the Polish community. Bank of Ireland is proactively improving its service for new customers and this new initiative will be of immense assistance to Polish people interested in starting a business in Ireland".

For further information, please contact:

Anne Mathews
Media Relations Manager
Group Corporate Communications
Bank of Ireland
Tel:01 604 3836 / 087 246 0358

Damian Young
Head of Small Business
Bank of Ireland Business Banking
Tel:01 665 3408