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Top Anglo US executive has moved on

A key Anglo Irish executive, who built up its huge New York loan book, has left the nationalised lender to join a New York real estate firm.

Garret Thelander was an executive vice-president in Anglo's New York office, effectively part of a three-man top management team shaping Anglo's huge US lending programme of recent years.

As first reported in the Irish Independent, the bank is facing major pressures over lending on a number of real estate projects in New York, particularly in the condo market, which has slumped since the onset of the financial crisis.

Mr Thelander helped to open up the Anglo New York office and grow its staff to 35.

He is a well known industry figure in New York and often represented Anglo at conferences, including distressed property events in recent months.

New York, while now a large part of the Anglo US loan book, was not the first place the bank started US lending. Markets in Boston and Chicago were opened up first, with David Drumm charged with opening up Boston and its environs.

Mr Thelander has joined Massey Knakal, a real estate firm specialising in sales of investment property.

The firm handles commercial buildings, apartment buildings, townhouses, mixed use investment building and industrial properties.

Irish Independent