Bank of Ireland has agreed to sell its US-based foreign currency business to Wells Fargo.
Based in Orlando, Florida Foreign Currency Exchange, provides foreign currency note services and international money payment services to a large number of banking institutions throughout the US and Canada.
As of 31 March 2010, FCE's net assets amounted to $23m. The sale is expected to have a negligible impact on the group's capital position.
The sale is one of the divestment commitments given by Bank of Ireland under its Restructuring and Viability Plan.
The sale price is believed to be under $10m.
