Bank of Ireland has announced it will close 15 branches in Northern Ireland, which is more than half of its 28 branches currently operating in NI.
It is part of a wider cost cutting exercise which will shut over 100 branches across the island of Ireland.
The Dublin-based bank operates across the Republic of Ireland and the UK, and is one of NI's 'big four' banks.
Chief Executive Francesca McDonagh said the bank's UK head office will also relocate from London to Belfast.
The bank has been reviewing its Northern Ireland operations and there had been speculation that it could withdraw from the market.
That has not happened, but Ms McDonagh said the Northern Ireland business will undergo "a material restructure".
Aside from closing 15 branches, that restructure will include simplifying its range of products with a greater focus on car finance and mortgages.
The bank will also continue with its strategy of withdrawing from less profitable lending across the UK.
It said this would mean its UK loan book shrinking by about 10% during 2021.
The bank's UK division made a loss of £15m in 2020, compared to a profit of £152m in 2019.
The loss was due to impairment charges - money which must be set aside to cover loans which may not be repaid in full.
All banks have seen increased impairment charges due to the economic impact of the pandemic.
The bank as a whole showed an annual loss of €760m (£657m), again due to impairment charges.
Bank of Ireland had already closed several branches over the last decade.
In 2011, it had 44 branches in Northern Ireland.
In August, the bank said it was aiming to cut 1,400 jobs from its UK and Ireland operations.
Last week Ulster Bank confirmed it would close its Republic of Ireland business over the next few years.
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Bank of Ireland to shut more than half NI branches - BBC News
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