independent

Sunday 20 April 2014

Anglo wealth arm sale postponed

A workman removes the Anglo Irish Bank sign from outside the bank's headquarters in St Stephens Green. Picture credit: Damien Eagers
A workman removes the Anglo Irish Bank sign from outside the bank's headquarters in St Stephens Green. Picture credit: Damien Eagers

The sale of a wealth management division of former toxic bank Anglo has been put on hold for six months, bidders have been told.

It's believed that KPMG, the bank's special liquidator, decided it needed to do further work on IBRC Assurance before bringing it back to the market. The liquidator declined to comment.

One of its choice property fund assets has recently been sold, including the €100m Royal Exchange building in the City of London.

A number of well-known wealthy individuals have taken proceedings against IBRC Assurance in relation to badly performing investments.

Litigation claims may be in the region of €30m, against reserves of around €60m, one source said.

A hearing involving Glen Dimplex chairman Sean O'Driscoll heard losses on his investments described as "catastrophic" in the Commercial Court last year. He claimed a €500,000 investment stood at just €88,000.

The assurance arm was the part of a unit set up to handle investments made by high-net-worth clients for their self-administered pension funds.

Irish Independent

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