Bank of Ireland is to sell its 50% stake in its fund administration and custody processing alliance business in Dublin to co-partner State Street.
Completion of the transaction, which involves a cash payment to Bank of Ireland by State Street, is expected in the third quarter of 2003.
BoI says the deal follows the acquisition by State Street of the global securities services business of Deutsche Bank and does not impact on the remainder of Bank of Ireland's fund administration and custody business.
The net assets of the alliance business are stated as approx. $280,000.