Bank of Ireland's UK-based subsidiary, Bristol & West, is to acquire the independent financial advisory business, Willis National, for £40 million sterling (#66.4 million).

Willis National is owned jointly by the Willis Group and Abbey National. Bank of Ireland will pay £36 million plus £4 million for assets in the form of cash currently held by Willis National.

The deal will be financed from its internal resources. The proposed purchase is expected to be completed by the end of July.

The move is in line with the bank's stated objectives in the UK market and follows two other acquisitions in the independent financial advisory sector, Chase de Vere and MoneyeXtra in the past year.

It said yesterday that following the completion of the acquisition, Bristol & West would merge Willis National with its MoneyeXtra subsidiary.

Willis National has 300 staff operating from 18 offices in the UK. The business generates sales of around £20 million annually.

Bristol & West chief executive, Mr Jeff Warren, said the acquisition was an important step forward for the group.