Wells buys BoI subsidiary

By GlobalCapital
20 Dec 2011

Bank of Ireland’s deleveraging effort took a step forward on Monday, as it agreed the sale of Burdale Financial to Wells Fargo for €690m.

This will shrink the Irish lender’s loan book by around £575m (€687m) — further progress towards its goal of reducing it from €114bn at the end of last year to €90bn by the end of December 2013.

Burdale is an asset-based lender with divisions in the US and UK. The UK arm ...

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