Bank of Ireland sells its stake in PCI

BANK of Ireland has sold its 50% holding in Paul Capital Investments (PCI) to the firm’s existing management team.

The bank’s share of PCI’s net assets was €10 million at December 31, 2010 and said the disposal would only have a negligible impact on the group’s capital position.

The sale is part of the bank’s strategy to quit its involvement in institutional fund management.