BoSI exit inevitable -- Flynn
Published 22/08/2010 | 05:00
PHIL Flynn, the former chairman of Bank of Scotland Ireland (BoSI), has said that he anticipated the withdrawal of BoSI from Ireland on the day that UK giant Lloyds Bank took over the bank last year.
Speaking about BoSI's decision to close down its operations in Ireland, he said: "If I was a betting man, I would have won money on this. Lloyds are a retail bank -- they see no room to grow here and see better returns elsewhere. From day one, in my view, when they bought it they intended moving out."
Mr Flynn was chairman of the bank until 2005, at a time when it enjoyed great success as a retail bank after taking over the State-owned ICC Bank.