Bank of Ireland to raise €470m from sale of loans
Published 28/11/2011 | 11:19
BANK OF Ireland will raise €470m from the sale of loans to Sumitomo Mitsui Banking Corporation.
The money will be raised as the bank will sell project finance loans of €590m with commitments for 85pc of these.
The loans relate to infrastructure and energy assets across the US and Europe.
According to the bank, the funds will make it less dependent on the European and Irish central banks.
It added that progress on the sale of other non-core loans is progressing well.