IRISH BANK Resolution Corporation, formerly Anglo Irish Bank, is still weighing up whether to sell the bank’s wealth management division or to run the business with the rest of the nationalised bank.
The bank has received a handful of bids from parties interested in buying the private bank and will decide whether to proceed with a sale or rundown of the division over the coming weeks.
IBRC must deleverage the wealth-management business under the terms of the bank’s rundown and is assessing what is cheapest option.
There is about €2 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 were loans to customers to invest in property projects promoted by the business.
The wealth management division employs about 40 staff and is managed by Gerard Davis. Its performance was helped last year by the sale of a property in the US.
