Wells Fargo purchases €1.09bn of Anglo loans

SAN FRANCISCO-based bank Wells Fargo has said that it has completed the purchase of just under half of the commercial loans it is buying from the former Anglo Irish Bank.

The bank is buying $3.3bn (€2.4bn) of the US loan book of Anglo (now the Irish Bank Resolution Corporation/IBRC). It said that about 25 of the 61 loans, worth $1.5bn, (€1.09bn) have been purchased as of this week, with the remainder set to be formally taken over before the end of the year.

According to a spokesperson for the IBRC (the holding body of the two wind-down banks of Anglo and the Irish Nationwide Building Society), the company is not set to comment, any further, on the sale process until all of the $9.2bn loan book is sold. It is expected that the entirety of loans will be sold in the coming three weeks.