The sale of Bank of Ireland Asset Management (BIAM) to State Street has generated €40 million in equity tier one capital for the bank, Bank of Ireland said today in a statement.
The announcement follows the official completion of the sale of the bank's asset management unit.
Under the €57 million deal originally announced in October, BIAM has been transferred to State Street Global Advisors (SSgA) , the investment management arm of the bank.
The sale of BIAM and other units of the bank was a condition of the European Commission's approval of Bank of Ireland's € 3.5 billion recapitalisation by the Government last year.
State street employs approximately 2,000 people in Ireland, and is one of the leading players in the funds industry here.
Bank of Ireland Asset Management was for some years one of Bank of Ireland's best performing units, but in recent years had lost its position as the State's largest investment manager.
The asset management business has approximately €26 billion in assets under management - less than half of what it once managed.
"The sale represents a significant milestone for the Bank in relation to the execution of its EU Restructuring Plan" Bank of Ireland said in a statement.
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/cb1219c1-cfa7-44eb-a8f7-aae300bbb987.png)