Bank of Ireland acquires Burdale Financial Holdings Limited

Bank of Ireland acquires Burdale Financial Holdings Limited, a specialist lender, for €71m (£49m)

"Part of strategy to grow international niche businesses" - Brian Goggin

Bank of Ireland ("BOI") today (Thursday 16 December 2004) announced the acquisition of Burdale Financial Holdings Limited ("Burdale"), a leading UK based comprehensive asset based lender and majority owned subsidiary of Wachovia Corporation, for approximately €71 million (£49 million). The acquisition is consistent with BOI's strategy to create more growth platforms in its International businesses. It will provide BOI with a leading presence in a fast growing segment of the UK corporate lending market and the business will be located in the Group's Wholesale Financial Services division. Based in London, Burdale currently employs 30 people. The acquisition is scheduled to complete in early January 2005 and will be funded from internal resources.

Mr Brian Goggin, Group Chief Executive, Bank of Ireland said: "The acquisition of Burdale tangibly demonstrates the strategic priority we attach to growing our portfolio of niche skill-based businesses internationally. We are constantly seeking opportunities to augment our skills portfolio, particularly by adding new revenue generating capabilities. In that regard, Burdale represents an excellent fit with our existing specialised international financing platform within our Wholesale Financial Services division."

ENDS

16 December 2004

Contacts:

Fiona Ross
Head of Group Investor Relations
Tel + 353 1 6043501

Dan Loughrey
Head of Group Corporate Communications
Tel + 353 1 6043833

Anne Mathews
Group Corporate Communications
Tel + 353 1 6043836

Note to Editors:

Comprehensive Asset Based Lending (CABL)
CABL is senior debt provided and secured against all assets of a business including stock, debtors, land and buildings, and plant and machinery. CABL is a source of funding for MBOs / MBIs, re-financings, turnarounds or acquisitions. Whilst still a relatively new product in the UK marketplace, CABL is well established in the US.

Bank of Ireland Wholesale Financial Services Division (WFS)
The principal constituents of Bank of Ireland WFS are Corporate Banking, Global Markets, Davy, First Rate Enterprises and IBI Corporate Finance. Corporate Banking already includes a number of specialised international financing activities, such as Leveraged Acquisition Finance, Telemedia and Maritime finance. Developed over the last ten years, existing market coverage includes Ireland, the UK, Continental Europe and the USA. Strong growth has been achieved.