BoI sells Chase de Vere for €30m

BANK OF IRELAND finally cut its losses with an ill-fated British subsidiary yesterday by selling Chase de Vere for €30 million, a fraction of the €170m the bank paid for it.

The bank had already written off its entire investment in the troubled financial advisory business, which was bought five years ago but subsequently failed to live up to expectations.

Chase de Vere specialised in providing independent financial advice to private clients, as well as to businesses seeking to run employee benefit schemes.