Bank of Ireland subsidiary Bristol & West is being sold to Britannia for £150m, which will effectively re-mutualise its customers.
The deal will return an after-tax profit of £90m to BoI, which is selling 97 B&W branches along with £4.5bn in deposits. Britannia gains some 850,000 additional customers, who will become part-owners in the bigger Britannia business - it is still a mutual building society. Britannia will move its new co-owners into "Britannia accounts", and is pledging that "none will be worse off". Following the deal, Britannia will have some 3 million customers (2.2 million previously), some £30bn in assets (£25bn), and more than 250 branches (187). Not included in the sale is B&W's mortgage busine...
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