Bank of Ireland was one of the financiers of Remnant Media's £20m buy-out of titles including Asian Babes and Big Ones. The magazines are being sold by Desmond's Northern & Shell in a deal that is widely seen as a move to ease the way for a successful takeover of the Telegraph Group.
However Bank of Ireland has been forced to withdraw its funds when customers and interest groups, including the National Women's Council of Ireland, complained.
A report in The Independent says that the bank never intended to cause offence.
A spokesperson for the bank said: "In the light of this reaction, and as Bank of Ireland values the views of its customers, the bank has informed Remnant Media that it does not wish to continue with the deal."
Desmond has already received cash for the sale of the titles so the deal is not in jeopardy. However the owners of Remnant Media, Simon Robinson and Aroon Maharajh, will have to look for another backer to make up the difference.
The media baron's pornography business has landed him in hot water before, with the Labour Party being forced to return a £100,000 donation after complaints that it was unsuitable.
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