Bank of Ireland has completed the sale of Bank of Ireland Asset Management to State Street Global Advisors.
In October 2010, Bank of Ireland entered into an agreement to sell Bank of Ireland Asset Management (BIAM) to State Street Global Advisors (SSgA) for a cash consideration of €57m subject to certain conditions.
Bank of Ireland said that all conditions have now been satisfied and the sale has been completed, including the transfer of key personnel.
The sale has generated equity tier 1 capital of €40m for the Bank of Ireland.
The sale represents a significant milestone for the Bank of Ireland in relation to the execution of its EU Restructuring Plan.
Bank of Ireland said that following completion of the sale, the new operation State Street Global Advisors Ireland will continue to be an important provider of investment products to the Bank of Ireland Group.