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Irish ACC Bank to cut 200 jobs, close 16 branches

Irish ACC Bank to cut 200 jobs, close 16 branches
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First Published: Wed, May 20 2009. 03 44 PM IST
Updated: Wed, May 20 2009. 03 44 PM IST
Dublin: Irish lender ACC Bank said it will cut 200 jobs and close 16 branches around the country, blaming the global financial crisis, sharp deterioration in the Irish economy and the collapse of the local property market.
The lender to small and medium-sized businesses and the agricultural sector, which is owned by Dutch financial services provider Rabobank, will close branches between October and next April and said it also plans to “restructure other roles”.
“We are in volatile times with global financial systems in a period of radical change, and the broader Irish economy unlikely to recover for at least another two years,” chief executive Rob Hartog said in a statement.
“These measures reflect the need to prioritise where we use our skilled resources at this time, and our anticipation that 2009/2010 will continue to be difficult,” Hartog said.
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First Published: Wed, May 20 2009. 03 44 PM IST