The bank said details of the wind-down process are commercially sensitive at the moment, but would be disclosed "in due course".

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In a statement, the bank said that its Board has unanimously approved the strategy and direction put forward by management, which followed a review of all the options for the business.

The bank said it will now seek ratification from the Minister for Finance, Michael Noonan.

According to a report in the Sunday Times, Deutsche Bank and Irish firm Key Capital could emerge as front runners to acquire the bank’s wealth management division.

The Irish bank also stated that it is also in talks with a number of parties about selling loans linked to its Wealth Management Business, which is valued at nearly US$3.3 billion.

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The Sunday Times report added that American equity investor Lone Star has already submitted a bid to buy the property loans of the wealth management unit and the IBRC may announce its preferred bidder in two weeks.