B of I's US deal complete

BANK of Ireland and Royal Bank of Scotland have completed the merger of their US banking operations. The deal, which was announced on December 18th, involved the merger of Bank of Ireland First Holdings (BoIFH) and Citizens. Royal Bank retains a holding of 76.5 per cent of Citizens' enlarged share capital, with the remaining 23.5 per cent, valued at 435 million (£279 million), held by Bank of Ireland. The Irish bank also receives cash and loan notes as well as retained assets. These terms value Bank of Ireland's interest in BoIFH at $709 million.