Bank of Ireland has agreed to sell its US-based foreign currency business to rival Wells Fargo.

Foreign Currency Exchange Corporation is based in Orlando, Florida, and provides foreign currency services to banks in north America.

The company had $23 million (€16 million) at the end of March last year.

The disposal is in line with the bank’s commitments to the European Commission under its restructuring plan, and is therefore subject to the approval of the commission.