The bank's head of wealth management, Paul Martin, told the Sunday Tribune that while the institution has been acting as a multiagency intermediary, offering third-party products to its wealthiest customers, it is in discussions with its UK parent, HBOS, to develop a suite of tailored offerings for the Irish market. At the moment Bank of Scotland (Ireland), which recently rebranded its retail arm here as Halifax, does not write any of its own products for wealthier clients.

That's expected to change in the future however, possibly some time next year.

Martin said negotiations have already begun with HBOS to develop the products, but he added that one of the most significant hurdles at the moment arises from the IT infrastructure.

He added that the bank wants to target the growing number of Irish people who are "asset-rich but timepoor". Martin said that despite the low-key launch of the division in Ireland, the bank had gained "more customers than we could have thought".

"The ambition in 2007 is to leverage the fact that we have a very stable client base and get the message out there that we can brand the product offering. We want to be a one-stop shop, " he said.

The bank will be competing for business from operators such as Anglo Irish Bank, AIB and Bank of Ireland, as well as established wealth management houses such as Quinlan Private. However Martin believes Bank of Scotland will find a niche.

"Our ability to leverage on the purchasing power of HBOS could bring significant benefit. Through synergies we should be able to deliver."