Bank of Ireland is thought to be close to selling Chase de Vere, its UK-based independent financial adviser, for about 14 per cent of what it paid for the business five years ago.

Bank of Ireland paid £110 million (€159 million) for Chase de Vere Investments in 2000 and is thought to be in advanced talks about a sale of the now merged group with a third party - believed to be AWD Thomson, Germany's biggest independent financial adviser.

However, Bank of Ireland is only expected to receive about £15 million when it sells the division because the value of independent financial advisory businesses has fallen dramatically during the past few years.

Chase de Vere employs some 200 staff, including 150 qualified independent financial advisers. Chase de Vere Investments was established in 1981 to provide independent investment advice.

Bank of Ireland said yesterday that it was in advanced talks with a third party and that it remained confident a deal would happen. AWD would not comment.

Bank of Ireland, which has been reviewing its UK operations, is also thought to be close to deciding on the future of its Bristol & West network - any decision is expected by mid-March.

The group is thought to be considering options including selling off the branches - with banks such as Alliance & Leicester perhaps looking at the portfolio.

Analysts at NCB estimate that the Bristol & West network generated about £8 million profit for the year ended March 2004.

Chase de Vere Financial Solutions was formed in June 2003 when Band of Ireland brought together Chase de Vere Investments and MX Financial Solutions.