Mon, 04 Apr 2011 | BUSINESS SALE
In a bid to raise over €4 billion (£3.5 billion) in new capital, the Bank of Ireland has put its Burdale lending business onto the market.
Although Bank of Ireland has not been as affected by the downturn as many other large Irish lenders, it has still been forced to accept hefty state support. Currently, it is 36 per cent owned by the Irish taxpayer after accepting €3.5 billion of support.
The bank must now raise a further €3.7 billion and has hired Hawkpoint, the corporate financiers based in London, to track down a prospective buyer for Burdale.
Burdale – which provides asset-based lending to major firms such as Jaguar Land Rover, both here and in the USA – will be sold as part of a planned series of disposals to repair the bank's finances.
Bank of Ireland purchased Burdale in 2005 for €80.5 million from US-based banking group Wachovia. Since then, Burdale has made consistent profits, raking in almost €34 million last year.
It has offices in several cities across the UK, including London, Birmingham and Manchester, as well as in Stamford in Connecticut and New York. The firm specialises in providing €11.3 million to €284 million loans to large and medium-sized firms.
No price tag has yet been named for the business.
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