Wells Fargo Nabs Bank Of Ireland Lending Unit For $900M

Law360, New York (December 19, 2011, 8:28 PM EST) -- Wells Fargo Bank NA will pay $900 million for a Bank of Ireland lending division whose portfolio contains nearly $1 billion in British and American loans, the San Francisco-based bank announced Monday.

Wells Fargo will acquire Burdale Financial Ltd. and in exchange will pay the bank about $898 million to cover outstanding intracompany debts between the Bank of Ireland and Burdale, according to the announcement.

The move is part of the Bank of Ireland's efforts to deleverage as the country continues to struggle through a credit...
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