National Irish Bank is all set to close its network of 27 branches in Ireland and slash over 100 employees, a move which the bank claims to be part of a massive overhaul of the bank.

The lender will also transform its name from National Irish Bank to Danske Bank under its restructuring business program, the bank said.

The retail banking network will be closed by mid-November this year and nine other branches will be modified into ‘Personal Banking Units’, which will provide financial advisors but no transaction services, although the day-to-day running of customer accounts will not be affected, NIB added.

The bank will open the unit at Waterford, Athlone, Cork, Limerick, Letterkenny and across Dublin in the IFSC, Tallaght, Swords and Stillorgan.

The bank said in a statement that it wants to move away from an "unsustainable and transaction-based banking business model" for personal and small business customers.

NIB spokesman Jesper Nielsen said the Irish banking landscape has changed dramatically in recent years and the traditional branch model is no longer the cornerstone of personal banking.

"We have recognised this and are building a new business model which responds to changing customer needs, leverages our market-leading technology and develops a profitable model and sustainable business for the bank," Neilsen added.

"Anticipating future banking trends, our new model offers customers a service based on a combination of superior technology and advisory services available on the customer’s terms."

In December 2009, NIB, which is owned by Denmark’s Danske Bank, previously shut down 25 locations.