The bank's head of wealth management, Paul Martin, told TribuneBusiness that despite the low-key launch of the division in Ireland during the year, the bank had gained more customers than it had expected and was now looking to beef up its wealth management offering.

Martin said that while the institution has been acting as a multi-agency intermediary, offering thirdparty 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.

Bank of Scotland Ireland, which recently rebranded its retail arm here as Halifax, does not currently write any of its own products for wealthier clients. That is expected to change in the future however, possibly some time next year.

Martin said that negotiations have already begun with HBOS to develop the products, but said that it would need to adapt its computer systems in order to provide both the Irish and UK market with wealth management services over the same system.

He added that the bank wants to target the growing number of Irish people who are "asset rich, but time poor".

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.

Martin still believes Bank of Scotland will be able to carve out a niche for itself.

"Our ability to leverage on the purchasing power of HBOS could bring significant benefit to our customer base over time. Through synergies we should be able to deliver, " he said.