Bank of Ireland has sold the branch network of its Bristol & West subsidiary to the Britannia Building Society for £150 million (€218 million).
The sale of Bristol & West was widely expected after Bank of Ireland outlined its new UK growth strategy that will focus on its joint venture with the UK Post Office.
The Bristol & West brand and all other parts of the Bristol & West business will be retained by Bank of Ireland.
Bank of Ireland's chief executive, Brian Goggin, described the sale as an "excellent result" for Bank of Ireland and for the customers and employees of the Bristol & West branch network.
The business being sold comprises 97 branches and an associated deposit book of approximately £4.5 billion. The network has approximately 850,000 customers.
Bank of Ireland will book a profit of £90 million (€131 million) on the Bristol & West venture.
Britannia is the second largest largest building society in the UK with two million members and £25 billion of assets. Britannia has a branch network of 187 branches across the United Kingdom and employs 3,900 staff.