Wells Fargo buys Bank of Ireland's real estate loans - report

Published 10th Aug 2011

Wells Fargo & Co (WFC.N) won a bid for Bank of Ireland's (BKIR.I) $1.4 billion (860 million pounds) U.S. commercial real estate loan portfolio, the Wall Street Journal said, citing people familiar with the matter.

The 25 loans are backed primarily by commercial real estate in New York, Boston and Washington, and are classified as performing, the Journal said.

The loans were sold at close to face value, the people told the paper.

A spokesman for Wells Fargo, the fourth-largest U.S. bank by assets, declined to comment to the Journal. Wells Fargo could not immediately be reached for comment by Reuters outside of regular U.S. business hours.

Bank of Ireland was told to raise 4.2 billion euros (3.6 billion pounds) in additional core Tier 1 capital following stress tests required under the terms of the 85 billion euro EU-IMF bailout Ireland received last year.

Source: ' Reuters '

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