Allied Irish Banks (AIB) said it will sell British asset management business Govett to Gartmore Investment Management for up to €20 million.
AIB also said Govett is closing its operations in Singapore, leading to closure costs of €17 million that will be included in AIB's accounts for 2003.
The Irish bank said some management contracts are excluded from the sale and will be managed by AIB's Irish-based asset management company, AIB Investment Managers (AIBIM).