Sale of BOI subsidiary completed

Bank of Ireland today announced the completion of the sale of Bank of Ireland Asset Management (BIAM).

The sale of the bank's subsidiary to State Street Global Advisors (“SSgA”) for a cash consideration of €57m was announced in October, subject to certain conditions.

"All conditions have now been satisfied and the sale has been completed, including the transfer of key personnel," the bank said.

The sale has generated equity tier 1 capital of aroud €40m for the bank, and represents a significant milestone for the bank in relation to the execution of its EU-approved restructuring plan, BOI said.