Bank of Ireland has today confirmed it has agreed to enter a sale and leaseback of up to 35 of its larger branches.
The bank said the cash released from the branch sales will be reinvested in the business and strengthen it capital base.
Bank of Ireland has 254 branches in the Republic, of which 90 will be upgraded over the next 18 months.
According to Richie Boucher, chief executive of Bank of Ireland's retail financial services unit, the bank will typically enter 25-year leases, with five-year rent reviews.
The properties will be offered for sale in one or more lots by public tender and CBRE has been appointed as the bank's agents for the project.
Bank of Ireland will start marketing the proposed properties in early September, and the tender date for the sales will be early October.