Bank of Ireland is to sell its 50% stake in payment processing joint venture EuroConex to US Bancorp subsidiary and equity partner Nova for EUR40 million.
The bank says the transaction is conditional on appropriate regulatory approvals and is expected to close by 30 June 2004. The profit on disposal will be shown as an exceptional item in BoI's results for the six months to 30 September 2004.
EuroConex provides an integrated payment processing service to financial institutions and merchants in Ireland, the UK and in selected European markets.