Bank of Ireland Corporate Banking today (Monday 3 June 2013) announces the launch of a new escrow agency service. The Bank will offer this service across all the jurisdictions in which it operates and in all major foreign currencies.
Escrow services can assist clients mitigate risk in various transactions including mergers and acquisitions (M&A), trade finance, project and construction finance transactions and litigation. The Bank will act as a neutral third party to hold assets in escrow until an obligation is met or a commitment fulfilled. This latest service from Bank of Ireland Corporate Banking is further evidence of how the Bank is extending its footprint in corporate lending support services.
Tom Hayes, Chief Executive, Bank of Ireland Corporate Banking, said: “We are launching an escrow service as a direct response to strong market demand. This service will provide a fast, secure and efficient way to manage designated assets and mitigate potential risks in commercial transactions. This newly established service, combined with our specialist finance teams’ expertise and strong local market presence in our core markets, fully enables us to meet clients’ local and cross-border transaction needs.”
“Bank of Ireland is the leading Irish corporate financier and we look forward to continuing to bring critically important services to this sector in Ireland and beyond. The creation of a dedicated escrow agency service demonstrates another step in our ongoing commitment to expand the Bank’s capabilities by addressing our customers’ needs at home and abroad”, added Tom Hayes.