BOI private banking merger plan case fast-tracked

An application to merge Bank of Ireland Private Banking into Bank of Ireland will be heard at the Commercial Court next month.

The merger application is being made under the Companies Act and, if granted, will mean Bank of Ireland Private Banking (BOIPB), currently registered as a private limited company, will no longer exist as a separate entity from Bank of Ireland.

Because court approval is required for such a merger, Denis McDonald SC, for Bank of Ireland and BOIPB, applied yesterday to have the relevant petition admitted to the Comemrcial Court. Mr Justice Brian McGovern agreed to admit the matter and fixed July 21 as the hearing date for the petition.

In an affidavit, Bank of Ireland director Andrew Keating said the merger would result in Bank of Ireland being the successor and surviving company. The aim of the merger is to rationalise and simplify the group organisational structure by having BOIPB operate as a client segment within the retail division of the group, rather than as a standalone legal entity, he said.

In the interests of commercial certainty, it is important the transaction be concluded expeditiously, he said. As it is critical that the banks, their employees and customers have certainty on the timeline, the application was made to the fast-track Commercial Court, he added.

The value of the business being transferred is significant, he said. As of the end of 2016, Bank of Ireland had total assets of €80.8bn and liabilities of €72.7bn, giving a net asset value of €8.1bn.


Sating the festive appetite is what Christmas is all about, here Joe McNamee takes us through the best culinary delights that are produced right here on our doorstep.Want to give local this Christmas? Joe McNamee rounds up the the country's very best food produce

Architect and artist Harry Wallace tells Eve Kelliher how his style has evolved.How a lifetime as an architect has inspired Cork artist Harry Wallace

Don’t let present stress ruin your run-up to Christmas. Pat Fitzpatrick has done all the hard work with this tongue-in-cheek gift guide for every budget, so you can tick everyone off your list and get down to enjoying yourself for the festive season.Gift stressbuster: We sort out who gets what and why

It’s not what you have that makes you happy, it’s what you do. And what better time to be proactive than during the season of goodwill, says Margaret Jennings.Joy to the world: Strategies to increase your happiness during the season of goodwill

More From The Irish Examiner