Bank of Ireland will today finalise its £600 million sterling takeover of the British-based Bristol and West Building society. Bristol and West will become a subsidiary of the bank. Members of the former building society will get an average of £1,100 each to give up the mutual status. In its largest ever acquisition Bank of Ireland is taking over a 160-branch mortgage and lending operation with a strong franchise in its regional market.

While the final figures will be announced today, Bank of Ireland is paying about £522 million in cash and £79 million in preference shares to the building society members.