Anglo Irish Bank has agreed to sell its Swiss private banking subsidiary, Anglo Irish Bank (Suisse) and its affiliated Portuguese branch, Anglo Irish Bank - Sucursal em Portugal.
The businesses will be sold to Swiss bank St Galler Kantonalbank. The deal is expected to be completed in the first quarter of next year.
Anglo said the Swiss and Portuguese businesses contributing less than 1% of the bank's total profits in the last financial year.
It said the sale was consistent with the bank's focus on its core businesses in Ireland, the UK and the US.
