Bank of Ireland has completed the sale of its Bristol & West branch network and associated deposit book to Britannia Building Society.
The completed price is 150m. The profit on disposal of the branch network is expected to amount to approximately 120 million after tax and will be reflected in the Interim Results for the half year ending 30 September 2005.
Bank of Ireland has retained the Bristol & West mortgage business which will remain one of Bank of Irelands three strategic priorities for growth in the UK.
Bank of Ireland UK Financial Services ceo Roy Keenan says: “The UK Division is now focused on growing our three key areas of operation: the successful Bristol & West and Bank of Ireland Mortgage business; our growing Business Banking operation; and the Post Office Financial Services operation in the UK, which gives us access to Europes largest financial retail network.”