B of I sells stake in fund manager

Bank of Ireland has sold its 50 per cent stake in Paul Capital Investments (PCI) to the company's existing management team.

The bank confirmed the sale of private equity fund of funds manager in a statement this morning.

The sale, which represents the group's exit from institutional fund management, is part of its restructuring plan approved by the European Union.

Bank of Ireland said the disposal would have "negligible impact" on the group's capital position, as its share of PCI's net assets was €10 million at the end of last year.