The bank has sold 30 of its Irish branches to the Layden Group in a sale and leaseback transaction.

The Layden Group, a family business headed by Joe Layden, paid €94m (£65m) at an initial yield of 3.9% for 29 retail branches and one call centre. The branches were spread throughout Ireland with eight situated in Dublin, three in Ulster, seven in Munster, four in Connaught and eight in Leinster.

The branches will be leased to the bank at rack rents with 15-year breaks. The yearly income is €4.6m (£3m), and there is a 15% uplift at the first review or an open-market rental increase.

It is the fourth sale and leaseback for the bank. In October last year it agreed sale and leasebacks on 36 premises for just under €240m (£162m). Half of the 36 branches were bought by Bernard McNamara, Quinlan Private and Friends First.

The bank has already sold its headquarters site in Dublin to Quinlan Private and Paddy Shovlin. The yields on the deals ranged from 2.6% to 3.7%, averaging 3.25%

CB Richard Ellis advised Bank of Ireland.