State Street in Bank of Ireland custody deal

IRELAND – Bank of Ireland has agreed to sell its 50% stake in its Dublin securities services venture with State Street to the Boston-based bank.

“Bank of Ireland has reached conditional agreement with State Street Corp. on the sale of BOI’s share in the fund administration and custody services alliance operated by the two companies,” the bank, Ireland’s largest, said in a statement.

Financial details were not disclosed though Bank of Ireland spokesman David Holden said it was on “very satisfactory financial terms”.

There was a “certain inevitability” to the deal, Holden said, following State Street’s 1.5 billion dollar acquisition of Deutsche Bank’s Global Securities Services arm.

“It makes sense for it to be integrated into State_Street,” said State Street spokeswoman Hannah Grove. She said around 100 alliance staff would transfer to State Street. The alliance had around 25 clients in Europe, the US and Asia, servicing offshore funds.

The venture represented around 25% of Bank of Ireland’s approximately 100 billion euros in assets under custody, Holden said. The six-year joint venture had been a “very useful adjunct” to that business, he added.

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