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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 showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
