21st Sep 2005 10:15
Bristol & West PLC21 September 2005 Bristol & West plc21 September 2005 BRISTOL & WEST PLC / BANK OF IRELAND Bristol & West branch network sale completed Bristol & West today announces, that following UK High Court approval, the saleof its branch network and associated deposit book to Britannia Building Societyhas been completed for a price of £150m (c. €218 million). Details of thetransaction were previously announced on 24 May 2005. The profit on disposal of the branch network is expected to amount toapproximately £120 million (c. €175 million) after tax and will be reflected inthe Interim Results for the half year ending 30 September 2005. The transactionis expected to be earnings neutral from a Bank of Ireland Group perspectivegoing forward and have a positive impact on the Group cost/income ratio. Bristol & West has retained its mortgage business which will remain one itsthree strategic priorities for growth in the UK, as part of Bank of Ireland UKFinancial Services Division. Brian Goggin, Group Chief Executive, Bank of Ireland, said:"I am delighted the sale of the branch network and associated deposit book hasnow been completed. This deal has realised good value for Bank of Irelandshareholders and is also a very positive outcome for our customers and ouremployees. The sale delivers on our stated strategy. Bank of Ireland remainscommitted to the UK market, which accounts for a significant element of theGroup's interests, and will remain a core market for the Group." Roy Keenan, Chief Executive of Bank of Ireland UK Financial Services added:"The UK Division is now focused on growing our three key areas of operation: thesuccessful Bristol & West and Bank of Ireland Mortgage business; our growingBusiness Banking operation; and the Post Office Financial Services operation inthe UK, which gives us access to Europe's largest financial retail network." Contacts:Bank of IrelandDan Loughrey, Head of Group Corporate CommunicationsPh. +353 1 604 3838Geraldine Deighan, Head of Group Investor RelationsPh. +353 1 604 3501Powerscourt.Rory Godson/ Victoria BroughPh. +44 207 236 5615 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Bank Irel13.375