Anglo's wealth control arm opens books to bidders
ANGLO Irish Bank has begun making "detailed disclosures" on its wealth management business to potential buyers but formal bids aren't expected for several weeks.
The news comes after the High Court recently ordered Anglo to come up with a disposal plan for the wealth management division. The wealth management offering has about €2bn under management and a solid fee income stream, and is understood to have generated initial interest from insurers, banks and other wealth management companies.
Sources said it would be several weeks before the bank's advisers know how many of the would-be buyers are seriously interested in taking on the business.
The bank is due to present a plan for selling of the wealth management arm by the end of March, and must also provide plans to rationalise its operations in Jersey, Dusseldorf and Vienna.
Anglo is also working on integrating its operations with Irish Nationwide's, so both institutions' loan books can be run down in a single vehicle.