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14/12/2004
Irish banks to be sold in £967m deal
The Northern Bank is to be sold to Denmark's biggest bank Danske, it was announced today.
The deal, which is expected to be completed early next year, will also see Danske purchase National Irish Bank as part of the deal for a combined total of £967 million.
Commenting on the sale, National Australia Bank Chief executive John Stewart said: "This is an excellent outcome for the National. We have achieved an attractive price for these banks, generating a significant profit and strengthening our capital base. It also opens an exciting new chapter for the two Irish banks and for Danske."
Danske Bank said it would be investing substantially over the next 15 months on new technology in the two banks.
The Northern Bank has 95 branches and 30% of the market in Northern Ireland while National Irish has 59 branches and 3% of the market in the Republic of Ireland.
(MB/SP)
The deal, which is expected to be completed early next year, will also see Danske purchase National Irish Bank as part of the deal for a combined total of £967 million.
Commenting on the sale, National Australia Bank Chief executive John Stewart said: "This is an excellent outcome for the National. We have achieved an attractive price for these banks, generating a significant profit and strengthening our capital base. It also opens an exciting new chapter for the two Irish banks and for Danske."
Danske Bank said it would be investing substantially over the next 15 months on new technology in the two banks.
The Northern Bank has 95 branches and 30% of the market in Northern Ireland while National Irish has 59 branches and 3% of the market in the Republic of Ireland.
(MB/SP)
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Northern Ireland WeatherToday:A cloudy day with outbreaks of mainly light rain at times, although there may be the odd heavier burst. Driest in the south and east during the afternoon. Moderate southwesterly winds. Maximum temperature 11 °C.Tonight:Staying cloudy throughout the evening and overnight period with a little rain or drizzle at times. Mild overnight with light winds. Minimum temperature 7 °C.
