Bank of Ireland has netted £120m from the sale of its Bristol & West building society network and deposit book to Britannia Building Society.
The deal will cost Britannia £150m.
The bank has retained the Bristol & West head office at Temple Quay in Bristol, a five story large office block and two other two story offices at Parkway in Bristol where it continues to employ 1,100 staff.
Roy Keenan, chief executive of Bank of Ireland UK Financial Services said:
“The UK Division is now focused on growing our three key areas of operation.”
“(These are) 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 Europe’s largest financial retail network.”
A publicly quoted bank, Bank of Ireland operates 22 branches in Britain and 44 in Northern Ireland in addition to its original branch network in the Irish Republic.
References: EGi News 21/09/05
