In its trading update released on Tuesday, the organisation said its UK stratedgy was to focus on business banking and also on mortgage and consumer banking through its joint venture with the Post Office.
The statement said: “We stated in November 2004 that we were reviewing the future options for the non-mortgage elements of Bristol & West (i.e. the physical branch network and associated deposit base).
“We have received expressions of interest in respect of this network from a number of interested parties. We are in the process of evaluating these expressions of interest as part of the review of all of the options for this business.”
However BoI spokesman David Stephenson refused to accept the statement was an admission that the Bristol & West branches would definitely be closed.
“This is not an admission that the Bristol & West will be selling its branches, we have said they are under review,” he said.
He added that the group would continue with a dual brand mortgage strategy.
Rob Clifford, managing director of franchise operation Mortgageforce, commented: “More and more lenders are seeing the benefits of acquiring mortgage business via intermediaries, especially given the relatively high cost involved in maintaining a retail network.
“Bristol & West have proved themselves particularly successful at forming strategic partnerships, Mortgages plc and The Post Office being two examples.”
