BoI could offload British financial advisors

BANK of Ireland is reported to have received an offer for its British independent financial advice business Chase de Vere.

The bank has been reviewing the future of its various activities in Britain since new chief executive Brian Goggin took over last summer. According to reports in Britain, Bank of Ireland may sell Chase de Vere as early this week after an approached by German financial services company AWD.

Chase de Vere was bought by the bank some five years ago for €177 million, but has not proved to be a successful acquisition and the sale is not expected to fetch anything near the price BoI paid.