BoI buys U.S. firm

Bank of Ireland announced last Thursday that it has acquired a 61 percent stake in U.S.-based Iridian Asset Management, and has retained the option to take over Iridian completely at a later date.

The cost was $177 million plus a deferred payment of $24 million, and the bank called the acquisition “very significant from a tactical and strategic point of view.”

Connecticut-based Iridian, which has assets of euro 12 billion under management.

Bank of Ireland also posted a rise in full-year pre-tax profits, but it failed to stop the bank’s stock falling in price last week, down 1.48 percent at euro 13.30.