Bank of Ireland has confirmed that it has sold its 23.5 per cent shareholding in Citizens Financial Group to Royal Bank of Scotland for $762.5 million (£544.6 million) in cash. This consists of $752.5 million in respect of its stake in Citizens and $10 million in respect of unrealised tax losses held by Citizens.

The sale completes the withdrawal of Bank of Ireland from its US retail banking interests in New England and will result in an estimated exceptional pre-tax profit of some £153 million for the six months to September 30th, 1998 or an exceptional increase of 28p in earnings per share.