Following UK High Court approval, the sale of Bank of Ireland's Bristol & West's branch network to Britannia Building Society for £150m sterling has been completed. Details of the deal were first announced in May.
The profit on the disposal of the branch network is expected to amount to about £120m after tax. The deal is expected to be earnings neutral from a Bank of Ireland Group perspective and have a positive impact on its cost/income ratio.
Bristol & West has kept its mortgage business which will remain one of its three strategic priorities for growth in the UK.
'This deal has realised good value for Bank of Ireland shareholders and is also a very positive outcome for our customers and our employees,' commented Brian Goggin, Bank of Ireland Group CEO.
