BoI sells B&W branches for £150m

Bank of Ireland has completed the sale of its Bristol & West branch network and associated deposit book to Britannia for £150m.

Details of the sale were first announced on May 24.

The profit on disposal of the branch network is expected to be approximately £120m after tax and will be reflected in the interim results for the half year ending September 30.

Bank of Ireland has retained the Bristol & West mortgage business, which will remain one of Bank of Ireland’s three strategic priorities for growth in the UK.

Roy Keenan, chief executive of Bank of Ireland’s UK financial services, says: “The UK division is now focussed on growing our three key areas of operation – the successful Bristol & West and Bank of Ireland mortgage business; our growing business banking operation; and the Post Office Financial Services oper- ation, which gives us access to Europe’s largest financial retail network.”