Key Capital to take over Anglo's wealth management operation
Published 09/02/2012 | 05:00
ALMOST all of the staff and assets of Anglo Irish Bank's former wealth management unit are set to transfer to Key Capital in a multi-million euro deal.
The recently renamed Irish Bank Resolution Corporation, which includes the assets of Anglo and Irish Nationwide, yesterday announced that it was entering exclusive talks with Dublin-based Key Capital on the deal.
The Irish Independent understands "most" of the unit's 50 staff and almost all of its €500m assets under management are likely to be included in the deal.
Sources refused to disclose the value of the deal for reasons of commercial confidentiality but did confirm it would be a "multi-million euro sum".
Final details are expected to be hammered out within the month.
The deal will also be subject to approval from the Central Bank and must also be ratified by the Finance Minister, as IBRC's shareholder.
The news comes a week after IBRC announced that it had decided against a full-on sale of the wealth management unit, despite running a sales process for almost a year.
The Irish Independent understands that Key Capital was one of three short-listed bidders in the sales process to buy the entire Wealth Management division. By instead opting to buy only certain assets from Anglo Wealth Management, Key Capital has no liability for any legal actions linked to discontinued accounts or other pieces of business Key does not take on.
Key Capital is also not expected to take over a €2.5bn loan book associated with Wealth Management.
Dublin-based Key Capital operates across capital markets, corporate finance, real estate, asset management and wealth management.