IBRC must deleverage the wealth-management business under the terms of the bank’s rundown and is assessing what is cheapest option.
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The bank is said to have received bids from interested buyers and is assessing its best option. According to The Irish Times report, the bank may take final call over the sale in next few weeks.
There is about EUR2 billion worth of bank debt linked to property deals packaged up by the division and sold as investments through the bank’s insurance company, Anglo Irish Assurance Company.
Some of the IBRC debt linked to the unit’s investments was loans to customers to invest in property projects promoted by the business.
The wealth management division that employs about 40 staff is managed by Gerard Davis.
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