Some of the biggest global buy-out firms are said to be circling Anglo Irish Bank's $10 bn (EUR 7 bn) loan book in the US. Media reports originating from the US have named consortiums led by American International Group, Blackrock, Blackstone, Deutsche Bank and TPG.
Some of the biggest global buy-out firms are said to be circling Anglo Irish Bank's $10 bn (EUR 7 bn) loan book in the US. Media reports originating from the US have named consortiums led by American International Group, Blackrock, Blackstone, Deutsche Bank and TPG.
The Irish Independent newspaper said that the loan book covers almost 250 commercial property loans from New York to Florida. The portfolio has already been written down by EUR 1.9 bn and the bank will make a paper profit even if it sells the loans at less than 80% of its face value.
The defunct Irish bank hopes to conclude a sale of the loan book by the end of the third quarter of this year.
It has also been reported that there are about 10 bidders for Anglo Irish's EUR 500 mln wealth management division.
Anglo Irish was a major real estate lender in Ireland and internationally during the last boom. Subsequently it has been nationalised to avoid its total collapse. The Irish government is merging Anglo Irish with former building society Irish Nationwide, and together they will form a bad bank known as IBRC. All the assets held by the new entity are to be sold off over the next 10 years.
