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February 3, 2014updated 04 Apr 2017 2:32pm

Anglo Irish Bank postpones sale of wealth management arm-report

Anglo Irish Bank has reportedly postponed the sale of its wealth management arm for six months.

By Verdict Staff

Anglo Irish Bank has reportedly postponed the sale of its wealth management arm for six months.

According to a report published by Irish Independent, the bank’s special liquidator KPMG requested additional time to do further work on IBRC Assurance before bringing it back to the market.

A number of wealthy individuals have taken proceedings against IBRC Assurance in relation to badly performing investments.

Quoting sources familiar with the matter, the publication reported that litigation claims may be in the region of €30 million.

The assurance arm was the part of a unit set up to handle investments made by high-net-worth (HNW) clients for their self-administered pension funds.

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