Bank of Ireland (BoI) has agreed to sell its share of a joint fund administration venture in the IFSC for an undisclosed sum.
BoI operated a custody service alliance with US bank State Street, which specialises in the custody and administration of mutual funds.
Completion of the transaction, which involves a cash payment to Bank of Ireland by State Street, is expected in the third quarter of 2003.
The sale is due to the acquisition by State Street of the global securities services business of Deutsche Bank and does not impact on the rest of Bank of Ireland's fund administration and custody business.