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Bank of Ireland sells UK project finance arm

The €200m sale will not lead to job losses.

Bank of Ireland finds way out of UK project finance market
Bank of Ireland finds way out of UK project finance market
Image: Shawn Pogatchnik/AP/Press Association Images

BANK OF IRELAND has agreed to sell its portfolio of UK infrastructure project finance loans to Aviva for €200m.

The loans will be sold to an investment vehicle owned by Aviva for 81 per cent of its worth.

The Mespil Road-based bank says that that cash from the sale will allow it to reduce its funding requirements, in line with existing deleveraging plans.

Bank of Ireland would not say what specific projects it had financed. Neither would it say whether any jobs would be lost from the sale.

However, a source told TheJournal.ie that there would be no such impact.

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