Financial Services Industry
Industry: Email Alert RSS FeedBank of Ireland's B&W network deal is finalised.
Financial Adviser, September, 2005
THE UK High Court has approved the sale of Bank of Ireland's Bristol & West branch network and associated deposit book to Britannia Building Society.
The two companies completed the deal -- details of which were made public in May -- for a price of AGBP150m.
The after-tax profit on disposal of the network is expected to amount to AGBP120m and will be reflected in the first half-year interim results.
The transaction is expected to be earnings neutral for the Bank of Ireland group, which will retain the Bristol & West mortgage business.
Brian Goggin, group chief executive of the Bank of Ireland, said: "I am delighted the sale of the branch network and associated deposit book has now been completed.
"This deal has realised...
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