Ireland-based troubled lender Ulster Bank has informed its employees about the planned closure of 15 branches and sub-offices across Ireland by November this year, as it aims to slash operational costs.

Following closure, the bank branch network will reduce to 199 from 214. This move is viewed as a first step towards its target to manage between 175 and 185 locations, as reported by The Irish Times.

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According to the publication, nearly 10 offices at South Mall in Cork, Pearse Road in Sligo, Granard in Co Longford, Clane in Co Kildare, and three in Dublin (Kimmage, Inchicore and George’s Quay) will be closed. In addition, sub-offices located in Clara, Co Offaly, Enfield, Co Meath, and Lifford, Co Donegal, will also be shut down.

Five branches in the northern part of the country including Lisburn Road, Lombard Street and Finaghy in Belfast, as well as branches at Rathcoole in Newtownabbey and another in Hillsborough will close.

The bank has also attributed branch closures to changing customer behaviors from traditional banking to mobile and online banking.

A statement from Ulster Bank said, "We continue to invest in these alternative banking channels to improve access to our services as reflected in our commitment to extend our services available through the Post Office this year."

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"We will be contacting customers of these branches to inform them of alternative branch locations in their area and the range of banking services available on their mobiles, online, telephone and in post offices."

Royal Bank of Scotland (RBS), which has pumped approximately £15bn into Ulster Bank since the financial crisis of 2008, wants the bank to become profitable by either merging with Permanent TSB or KBC Bank Ireland. It is also looking to inject fresh capital from private parties.