Transfer of businesses to BOI

19 Feb 2007 10:01

Bristol & West PLC19 February 2007 Bristol & West plc TRANSFER OF BUSINESSES TO BANK OF IRELAND19 February 2007 Bristol & West today announces that its ultimate parent company, the Governorand Company of the Bank of Ireland, intends to carry out an internalreorganisation of its UK businesses (the "Reorganisation"), including thoseoperated by Bristol & West, to simplify the Bank of Ireland operating structurein the UK. The planned Reorganisation involves the transfer of the Bristol & West businessand the business of its wholly owned subsidiary, Bank of Ireland Home MortgagesLimited, to The Governor and Company of the Bank of Ireland (the "Bank").Conditional on this Reorganisation, Bristol & West will seek High Court approvalfor a reduction in its capital so that this capital can be re-allocated to theBank. As part of the Reorganisation Bank of Ireland will put in placeappropriate arrangements to preserve the position of Bristol & West's listedbond holders, being those holding: Subordinated Bonds due 2018 (LSE:BB84) andthe Unsecured Perpetual Subordinated Bonds (LSE: BRS) ("Bonds"); and to preservethe position of the holders of the Non-cumulative Non-redeemable PreferenceShares (LSE:BWSA "Preference Shares"). The Reorganisation will not involve any asset disposals to third parties outsidethe Bank. Additionally, the operations of these businesses will not alter as aconsequence of this Reorganisation and Bank of Ireland will continue to use the"Bristol & West", "Bank of Ireland Home Mortgages" and "Bank of IrelandMortgages" trading names and brands for UK mortgage products.The Reorganisation is conditional on obtaining the necessary High Court andother regulatory clearances and is expected to take effect in the second half of2007. Contacts: Bank of IrelandGeraldine Deighan, Head of Group Investor Relations Tel: + 353 (0) 1 604 3501Dan Loughrey, Head of Group Corporate Communications Tel: + 353 (0) 1 604 3833 Bristol & West plcRichard Holden, Company Secretary Tel: + 44 (0) 117 979 2222 This information is provided by RNS The company news service from the London Stock Exchange