The Bank of Ireland Group announced the sale of Bank of Ireland Asset Management (BIAM) to State Street Global Advisors (SSgA) for a cash consideration of circa US$78 million subject to certain conditions. All conditions were satisfied and the sale was completed on 10 January 2011, including the transfer of key personnel.
The sale generated equity tier 1 capital of US$55m million for Bank of Ireland Group. The sale represents a significant milestone for the group in relation to the execution of its EU restructuring plan.
Oaklins' team in Ireland advised Bank of Ireland Group in relation to this transaction.
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