BANK OF IRELAND finally cut its losses with an ill-fated British subsidiary yesterday by selling Chase de Vere for €30 million, a fraction of the €170m the bank paid for it.

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).

GERMAN financial services firm AWD has confirmed it is in talks about buying Bank of Ireland’s British investment advice arm Chase De Vere.

BANK of Ireland is reported to have received an offer for its British independent financial advice business Chase de Vere.