BoI to sell foreign currency business
Bank of Ireland is to sell its US-based foreign currency business, Foreign Currency Exchange Corporation (FCE) to Wells Fargo Bank.
Based in Orlando, Florida FCE provides foreign currency note services and international money payment services to a large number of banking institutions throughout the US and Canada.
At the end of March, FCE’s net assets were $23m (€16m), and the sale is expected to have a negligible impact on the group’s capital position.
The disposal represents one of the divestment commitments given by Bank of Ireland under its restructuring and viability plan which the European Commission approved under state aid rules on July 15 last year.
The sale is conditional on the approval of the European Commission. Completion of the disposal is expected in August.
