Commission tells BoI to sell key assets by 2014

BANK of Ireland must dispose of key assets by the end of 2014, share its facilities such as ATMs with smaller competitors and make it easier for its customers to change banks.

The changes were agreed as part of the restructuring plan for the bank approved by the European Commission to ensure the state’s €3.5 billion aid does not interfere with fair competition in the sector.

In Ireland, it will sell its New Ireland Assurance Company plc, Bank of Ireland Asset Management Ltd, ICS Building Society, FCE — its US foreign exchange business — and its 17% state in Irish Credit Bureau.