BoI to sell foreign currency business

BoI to sell foreign currency business

Bank of Ireland is to sell its US-based foreign currency business, Foreign Currency Exchange Corporation (FCE) to Wells Fargo Bank.

Based in Orlando, Florida FCE provides foreign currency note services and international money payment services to a large number of banking institutions throughout the US and Canada.

At the end of March, FCE’s net assets were $23m (€16m), and the sale is expected to have a negligible impact on the group’s capital position.

The disposal represents one of the divestment commitments given by Bank of Ireland under its restructuring and viability plan which the European Commission approved under state aid rules on July 15 last year.

The sale is conditional on the approval of the European Commission. Completion of the disposal is expected in August.

More in this Section

Still 413,000 on Covid-19 pandemic unemployment scheme may worry new coalitionStill 413,000 on Covid-19 pandemic unemployment scheme may worry new coalition

Irish banks and housebuilders join in global stock markets rally on Covid-19 'narrative recovery'Irish banks and housebuilders join in global stock markets rally on Covid-19 'narrative recovery'

Irish housebuilding stocks rise on UK construction pick-upIrish housebuilding stocks rise on UK construction pick-up

Britain's 'Big Four' accounting firms ordered to separate audit divisionsBritain's 'Big Four' accounting firms ordered to separate audit divisions


Lifestyle

Liz O’Brien talks to Niall Breslin about his admiration for frontline staff, bereavement in lockdown, his new podcast, and why it's so important for us all just to slow down.Niall Breslin talks about losing his uncle to coronavirus

Podcasts are often seen as a male domain — see the joke, 'What do you call two white men talking? A podcast'.Podcast corner: Three new podcasts from Irish women that you should listen to

Esther McCarthy previews some of the Fleadh’s Irish and international offerings.How to attend the Galway Film Fleadh from the comfort of your own couch

Whether you’re on staycation or risking a trip away, Marjorie Brennan offers suggestions on novels for a wide variety of tastesThe best fiction books for the beach and beyond this summer

More From The Irish Examiner