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Ireland: Bank of Ireland skirts forced insurance divesture

By  |  July 9, 2013
Ireland: Bank of Ireland skirts forced insurance divesture

The European Commission approved amendments made to Bank of Ireland’s restructuring plan, first approved in December 2011 after receiving state aid. BOI originally agreed to divest New Ireland Assurance Company but, according to a statement from the Commission, Ireland’s largest life insurance firm was recently sold; that deal reportedly affected the number of bidders for NIAC and would likely lead to losses if the divesture goes through. The Commission concluded that due to the changed circumstances, BOI will no longer be required to divest NIAC.

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    Full Content: European Commission

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