Bank of Ireland sells financial solutions subsidiary

Bank of Ireland today announces that it has signed an agreement to sell its subsidiary Chase de Vere Financial Solutions plc to AWD, part of AWD Holdings AG for a total cash consideration of €30m (£20m).

The deal is subject to regulatory approval from the FSA and is expected to complete during March 2005.

Roy Keenan, Chief Executive, Bank of Ireland UK Financial Services said, “The sale of Chase de Vere is part of our strategy to focus on our core operations of business banking, consumer banking and mortgages using both the Bank of Ireland and the Bristol & West brands.

"In addition we are developing our joint venture with the UK Post Office, selling financial services products through their extensive branch network.”