Bank of Ireland is to close eight of its branches in Northern Ireland starting in late autumn, with options for affected staff including transfer or redployment within the bank or voluntary redundancy.

Eight branches amounts about 20% of the bank’s retail network in the north, and the Financial Services Union reacted with shock to the news that 54 jobs could go under the voluntary redundancy scheme.

The branches listed for closure are Castlereagh, Draperstown, Antrim, Belleek, Castlederg, Newtownards, Maghera and Donegall Square South in Belfast.

Sean Sheehan of BoI UK said: "The decision to close branches is not taken lightly, and we understand that it will be disappointing for those customers who use them. A key priority will be to ensure customers understand the alternative arrangements available, and to maintain continuity of customer service.

"We are responding to the continuing shift in customer behaviour towards increased use of digital and online channels, and the changes announced today will put us in the best position to continue to support our customers’ changing needs and grow our business in the future.”

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The FSU said the closures mean that Belleek will lose its last remaining bank, while in other towns the proposed closures will end the Bank of Ireland’s long-standing and historical presence.

General Secretary Larry Broderick said: “The decision by Bank of Ireland to announce eight branch closures and over 50 redundancies is not only regrettable, but irresponsible given the impact it will have on customers and staff.

“Given that Bank of Ireland is expected to announce significant profits at the end of the month, this announcement is a kick in the teeth for both customers and staff in Northern Ireland who supported the bank during the financial crisis.

“The FSU will be challenging the bank’s plans and, although the bank has confirmed that all redundancies will be voluntary, the union calls on politicians to support its campaign to challenge this decision in the interest of all stakeholders and the wider Northern Ireland economy.”

On July 14 Bank of Ireland announced that the outcome of the Brexit referendum in the UK had impacted foreign exchange rates and corporate bond yields, As a result, the deficit in the group’s defined benefit pension scheme has ballooned to c.€1.2 billion at 30 June 2016 compared with from €0.74 billion  last December.