Bank of Ireland (BoI), Ireland's second-largest bank, said on Wednesday that it would split its retail businesses in the euro and sterling zones as part of a broader restructuring of the group.
A new UK division will be formed incorporating Bristol & West, the former building society, retail operations in the UK and Northern Ireland and the bank's expanded portfolio of financial advice businesses. Market observers said BoI is looking to increase its presence through acquisition in the rapidly-consolidating UK independent financial advisory market. It already owns Chase de Vere and MoneyXtra. Jeff Warren, chief executive of Bristol & West, will head the new Financial Services UK unit.
The bank said the new UK unit earned pro forma pre-tax profits of E330m ($291m) in the last full financial year, a third of the group total compared to the 20 per cent contribution last year of Bristol & West.
The 'euro' division will be focussed mainly on Ireland. Unlike its larger rival Allied Irish Banks (AIB), BoI has concentrated its growth efforts mainly on the UK, while AIB has grown strongly in Poland and the US.
BoI has also created a new wholesale division which will include its private-client business as well as the existing portfolio of corporate finance and treasury functions.
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