Wednesday 26 June 2019

Anglo advisers could still bid for its loan book


THE Irish Bank Resolution Corporation (formerly Anglo Irish Bank) has retained the services of the strategic advisory arm of US private equity giant the Blackstone Group to assess the €30bn in loans it still has across the UK and Ireland, the Sunday Independent has learned.

News of Blackstone's appointment -- which sources say will take between three to six months to complete -- will inevitably raise eyebrows here given that the US firm's investment arm was one of several bidders for the IBRC's US loan book last summer.

Confirming the appointment of Blackstone last night, a spokesman for the IBRC stressed that the company's strategic advisory arm was "separate and independent" from its investment arm.

Asked if Blackstone would now be precluded from bidding for any of IBRC's UK and Irish loan book in the future, given that its advisers were now engaged in an analysis and assessment of this portfolio, the spokesman said: "The investment arm of Blackstone will not be precluded as a result of this appointment. The advisory side will be precluded from any role in any future process."

The spokesman said it would help the IBRC to decide on the possible segmentation and structuring of its portfolios.

He stressed that the bank had an established procurement policy and that this had been followed in the appointment of Blackstone Advisory Partners for the analysis of its UK and Irish loans.

Sunday Independent

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