Ploy to rebuild weakened brand
I see that Bank of Ireland has climbed into bed with (or “partnered”) with an Irish based business advisory franchise based in Cork.
Enterprise board type free “mentoring” is being offered to business owners who are customers of the bank.
Never mind replicating the support from the local enterprise boards, we remain to see how this move is welcomed by the hundreds of business advisers (accredited consultants and accountants) who are offering similar services and are long-term BoI clients.
Big financial institutions do not realise that their credibility is shredded – they, with the government, have condemned us to years of frugality by their mis-management of the financial system.
One commentator views this support as a cynical move by senior bank management to “give something back” to the SME market it has ignored for the previous 12 months.
“If a bank is unable to manage its own affairs why should I look for advice from them?”
” The banks are desperate to rebuild their brands and are investing in serious PR to reclaim their status, and this is just one of a series of initiatives” comments Billy Linehan. “Like the other leaders of OLD Ireland if there are no consequences for failure or accountability, there can be no fundamental change”.
Billy Linehan is MD of Celtar management consultants
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