Bank of Ireland to shortlist project loan book bidders
02 June 2011
Read more: [bank of ireland] [loan book] [portfolio]
Bank of Ireland will put together an initial shortlist of bidders for its project finance portfolio sale in the next ten days. The part-nationalised bank, along with its adviser Deutsche, started receiving bids on the Eu3.28 billion ($4.75 billion) book last week. All bids at this stage are non-binding.
The bank’s strategy is to sell the business as a going concern, transferring not only as much of the portfolio as possible, but also the whole overseas project finance team, from portfolio managers to originators. As such, Bank of Ireland is following the path RBS laid down with its project loan book sale to BTMU, and rejecting the process used on the atomised Banco Espirito Santo sale earlier this year. BES managed to sell over half...