BANK of Ireland is the winner of the 21st Irish Times/PA Management Award. The award, management excellence, will be presented by the Taoiseach, Mr Bruton, at a ceremony in Dublin on February 17th.

The purpose of the award is to foster the development of a strategic approach to management.

Last year the award was won by Waterford Crystal, while previous winners include Waterford Stanley and the Smurfit Group.

The award to Bank of Ireland recognises the progress the company has made in the 1990s. Pre tax profits have risen from £54 million in 1991 to £364 million for the year to the end of March 1996. Market analysts are forecasting pre tax profits of £390 million to £400 million for the current year.

Bank of Ireland shareholders have benefited with a strong rise in the bank's share price. The shares have risen from a lows of 402p in 1996 to end the year at 538p. They are now trading at 576p.

Bank of Ireland's management team is lead by Mr Pat Molloy who became chief executive in February 1991. The team has tackled problems in Britain and halted heavy losses at the US operations.

It has also reorganised its retail operations in Ireland and Britain.

In the US, which is now making a contribution to group profits, the bank merged its First New Hampshire subsidiary with the Royal Bank of Scotland subsidiary, Citizens FiGroup. Bank of Ireland now has a 23.5 per cent stake in a larger profitable and expanding banking group.

The winner of the award, which was established in 1977, receives at bronze of an Arctic Tern. It was sculpted by Oisin Kelly and is recast each year.