Moody's backs B of I takeover of Bristol

BANK of Ireland's proposed £600 million sterling acquisition of the Bristol & West Building Society in the UK has won the…

BANK of Ireland's proposed £600 million sterling acquisition of the Bristol & West Building Society in the UK has won the endorsement of ratings agency Moody's, which has confirmed Bank of Ireland's financial strength ratings.

According to Moody's, despite the reduction in Bank of Ireland's core capitalisation, the acquisition of B&W should not damage the bank's fundamentals "due to the low risk profile associated with these mortgage assets."