IBRC Wealth Management Enters Exclusivity with Key Capital
IBRC has today, 8th February 2012, confirmed its entry into a period of exclusivity with Key Capital to negotiate the sale of certain assets and/or operational co-sourcing of its Wealth Management Business to Key Capital. This follows IBRC’s announcement confirming a decision to effect an orderly wind-down of its Wealth Management Business. The legal entities within the Wealth Management Business of IBRC will not form part of the sale element of the transaction.
Following a comprehensive process, Key Capital has been approved by the IBRC Board as the preferred counterparty based on its strategic fit for IBRC’s clients, its sound financial position and its strong operating platform in Ireland and the UK encompassing a broad product and service offering.
Commenting on today’s announcement, Tom Hunersen, Group Executive - Corporate & Institutional Recovery, IBRC said:
“Today’s announcement is a very positive development for IBRC’s Wealth Management Business and its clients. The transaction strategy provides a vehicle for the sale of certain assets and/or operational co-sourcing of the Business to Key Capital in line with IBRC winding down this division of the Bank in an orderly manner. It also delivers an opportunity for IBRC to maximise investor returns and deliver value for the Irish taxpayer from the main operating platform, IBRC Assurance Company.”
As IBRC has now entered into a period of exclusivity with Key Capital, it is not appropriate for either party to comment further at this time. The details of any final arrangements which may be agreed will be subject to approval by the IBRC and Assurance Company Boards and the consent of the Central Bank of Ireland with final ratification by the Minister for Finance.
IBRC’s Wealth Management Business will continue to operate as normal for clients during this period of exclusivity.
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Peter Fitzgerald
Head of Corporate Affairs
IBRC
Tel: + 353 1 231 6050