BANK of Ireland shareholders have overwhelmingly approved the £600 million sterling takeover of the Bristol & West Building Society. At an extraordinary general court of the bank, attended by about 300 shareholders, chairman, Mr Howard Kilroy said the acquisition represented "excellent use of the capital we propose to invest".
Between proxies and votes cast at the meeting some 99 per cent of the votes were in favour of the acquisition. The British Building Societies Commission will give final consideration to the bid in June. If it is cleared, the business will be transferred to Bank of Ireland on July 28th and Bristol & West members will receive their payments in August.
Bristol & West would be encouraged to grow organically and by acquisition, he said, adding that the acquisition would be earnings enhancing for Bank of Ireland shareholders.
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