Bank of Ireland is to to sell British subsidiary Chase de Vere for €30 million.
It will represent a substantial loss on the £110 million (€159 million) the bank paid for the financial consultancy firm in 2000.
Bank of Ireland will sell the business, subject to regulatory approval, to financial consultants AWD, and deal is expected to be completed in March.
Mr Roy Keenan, chief executive, Bank of Ireland UK Financial Services, said the sale of Chase de Vere is part of the bank's strategy to refocus its operations in business banking and mortgages using both the Bank of Ireland and the Bristol & West brands.
Bank of Ireland is also involved in a joint venture with the UK Post Office, selling financial services products through their extensive branch network.