DUBLIN Feb 8 (Reuters) – Irish Bank Resolution
Corporation, formerly known as Anglo Irish Bank, has opened
exclusive talks with U.S.-based Key Capital Corporation about
selling loans linked to its wealth management unit, the bank
said on Wednesday.

IBRC is winding wind down the wealth management division as
part of an overall strategy to have itself, a poster child for
the lending excesses that forced Ireland into an EU-IMF bailout,
closed by 2020.

A source familiar with the situation said the loans linked
to the unit and secured by an international property portfolio
were valued at nearly 2.5 billion euros ($3.31 billion).

The parties will “negotiate the sale of certain assets
and/or operational co-sourcing of its Wealth Management Business
to Key Capital,” IBRC said in a statement.
($1 = 0.7545 euros)

(Reporting by Conor Humphries; Editing by Jon Loades-Carter)

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