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Bank of Ireland completes the sale of B&W branches

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.”


The mane chance

The day before Jupi- ter launched its Japanese income fund, prime mini- ster Junichiro Koizumi won the Japanese election with a surprising majority.<

IFA fined 25k for system failures

The FSA has fined IFA CFS Independent 25,000 for serious failures on systems and controls, risk management and compliance. The regulator concluded that CFS had a poor risk management strategy, relied heavily on third parties to comply with regulatory requirements and was not aware of key obligations when a firm is entrusted with client money […]

Millfield sells its offshore business

Inter-Alliance Group (Cyprus), PGMS Holdings and Sterling Associates will change hands in a deal announced this week, reducing Millfield’s annual cost base by 1.5m. Millfield says its total cost base has now fallen from 49m to 30.5m since December 2004. Millfield and De Vere are finalising a strategic partnership which allows the two to act […]

To be and not to be – Multi asset investing with conviction

At Pictet Asset Management we believe active management of asset allocation is the most important generator of returns. What is not to be in our portfolio is just as important as what is to be because good performance is determined as much by the assets you avoid as by those you hold. The FP Pictet Multi Asset Portfolio managers are not wedded to any particular […]


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