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22 Oct 2010 09:00
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The Governor and Company of the Bank of Ireland (Bank of Ireland)
Update in relation to Bank of Ireland's EU Restructuring Plan
22 October 2010
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On the 15 July 2010, the European Commission approved under State Aid rules Bank of Ireland's Restructuring Plan.
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Under the Restructuring Plan, Bank of Ireland has given commitments (including commitments to divest certain businesses) as set-out in the Circular posted to Bank of Ireland shareholders on 26 April 2010.
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Bank of Ireland is implementing the Restructuring Plan and today announces the sale of Bank of Ireland Asset Management ("BIAM") to State Street Global Advisors for a cash consideration of c. β¬57 million. The transaction is conditional, inter alia, upon the receipt of certain regulatory clearances including approval of the European Commission, and is expected to close in the coming months.
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BIAM will continue to be an important provider of investment products to the Bank of Ireland Group and an important customer of Bank of Ireland Securities Services.
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Ends
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Notes:
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BIAM is a leading provider of investment management solutions to Irish and international clients. BIAM had assets under management of c. β¬26 billion as at 30 September 2010.
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For further information, please contact: |
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John O'Donovan |
Group Chief Financial Officer |
+353 (0) 76 623 4703 |
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Andrew Keating |
Director of Group Finance |
+353 (0) 1 637 8141 |
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Dan Loughrey |
Head of Group Corporate Communications |
+353 (0) 76 623 4770 |
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Tony Joyce |
Head of Group Investor Relations |
+353 (0) 76 623 4729 |
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