BoI to sell fund arm
BANK of Ireland is selling its fund administration business -- Bank of Ireland Securities Services -- to Northern Trust Corporation.
The cash deal, worth up to €60m, is expected to generate about €40m in equity tier 1 capital -- a key measure of the bank's capital strength.
Bank of Ireland Securities Services is the fund administration and custody arm of the group.
It was founded in 1991 and serviced assets of more than $170bn (e123.5bn) at the end of December 2009 for domestic and international clients.