BOI sells stake in tech venture

Bank of Ireland is to sell its 50% shareholding in EuroConex Technologies Limited for €40m to a European affiliate of NOVA Information Systems (NOVA).

NOVA, a subsidiary of US Bancorp, currently owns the remaining 50% of EuroConnex.

The deal is expected to go through by June 30 this year, subject to regulatory approval.

The profit from the sale will be shown as an exceptional item when BOI posts its half-yearly results to 30 September 2004.