There are a total of 64 banks in Ireland. And most of them are performing well.
The Central Bank of Ireland (CBI) is the body that controls the entire banking system in Ireland. So, CBI manages the licensing, regulation and maintenance of financial services.
Previously, until 2010, there were three separate structures - the Central Bank, the Financial Services Authority of Ireland and the Financial Regulator. In 2010, the structure of the Central Bank was changed and there is now only one entity that is the governing body for the entire banking system.
Digital banking in Ireland
Irish digital banks are characterized by a combination of traditional banks and fintech startups providing modern and convenient banking services. They are experiencing remarkable growth and innovation. Established banks are actively investing in digital services, providing online banking platforms and mobile apps to meet customer needs.
The best banks in Ireland
1. Revolut
Experience banking like never before with Revolut, an app operating in Ireland under a banking license. It's designed for a modern world where control is in your phone. Manage your finances, make fast money transfers around the world and save with ease. Exchange currencies and make cryptocurrency transactions with no fees. With top-notch security features and a user-friendly interface, Revolut ensures your money is safe and accessible anytime, anywhere.
2. Allied Irish Bank (AIB)
Allied Irish Banks (AIB) is a large commercial bank in Ireland offering a wide range of banking services and insurance products. In 2010, its controlling stake was acquired by the Irish government and effectively nationalized. Although the bank's shares were traded on stock exchanges, they were delisted from 2011 to 2017 due to the nationalization. During the financial crisis, AIB received €20.7 billion in bailout funds. In 2017, the company returned to public ownership through an IPO, with the Irish government planning to gradually get rid of its stake. AIB is supervised by the European Central Bank as a significant institution.
3. Bank of Ireland
Bank of Ireland is one of the leading banks in Ireland and its central bank. Founded in 1783, it has long issued its own banknotes and was the main government bank until 1943. During its history, the bank has actively expanded overseas, acquiring other financial institutions such as Hibernian Bank and The National Bank. It also provides a wide range of services including retail and corporate banking, asset management and insurance. Today, the bank has assets of €132 billion and its services cover not only Ireland but also the UK, USA, Germany, France and Spain.
4. Citibank Europe
Citibank Europe, Citigroup's European subsidiary, has been operating in Ireland since 1965. In 2015, it moved the retail bank's headquarters from London to Dublin, where it employed 4,300 people at the time. In the same year, its Hungarian retail operations were acquired by Erste Group. Due to Brexit, the company reorganized in 2018, resulting in the creation of a new bank.
The bank offers various banking services such as cash management, investor products, trading services, corporate finance, trustee services, transfer agency, etc. According to Moody's Investors Services, Citibank Europe's credit rating is A1, which means Citibank Europe is assigned an upper-middle tier rating.
5. Permanent TSB Group Holdings PLC
Permanent TSB Group Holdings plc, formerly known as Irish Life and Permanent plc, is a well-known provider of personal financial services in Ireland. The group traces its roots back to the merger of Irish Life Assurance plc and Irish Permanent Building Society in 1999, followed by the acquisition of Trustee Savings Bank in 2001. Despite the similarity of name, the group is not related to the UK bank TSB.
The history of Permanent TSB is intertwined with three different organizations: Irish Life Assurance, Irish Permanent Building Society and Trustee Savings Bank. Irish Life Assurance, founded in 1939, merged with several British companies to form Irish Life Assurance plc. Irish Permanent Building Society, founded in 1884, underwent significant expansion and diversification before merging with Irish Life Assurance to form Irish Life and Permanent Group. In addition, Trustee Savings Bank, founded in 1816, joined the group in 2001. Today, Permanent TSB serves over one million customers in Ireland and in October 2023 it underwent a rebranding to PTSB following the acquisition of a significant part of Ulster Bank's operations in the Republic of Ireland.
These banks offer a wide range of services, providing a high level of service and customer confidence. The development and stability of Ireland's banking system strengthens the country's financial infrastructure and provides a favorable environment for businesses and communities.
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