BOI buys UK group Burdale for €71m

Bank of Ireland today announced the acquisition of Burdale Financial Holdings, a leading UK-based comprehensive asset based lender and subsidiary of Wachovia Corporation, for approximately €71m.

The acquisition is consistent with Bank of Ireland's strategy to create more growth platforms in its international businesses.

It will provide BOI with a leading presence in the UK corporate lending market and the business will be located in the group’s Wholesale Financial Services division.

Based in London, Burdale currently employs 30 people. The acquisition is scheduled to complete in early January 2005 and will be funded from internal resources.

Comprehensive Asset Based Lending (CABL) is senior debt provided and secured against all assets of a business including stock, debtors, land and buildings, and plant and machinery.

CABL is a source of funding for MBOs/MBIs, re-financings, turnarounds or acquisitions.

Brian Goggin, chief executive, Bank of Ireland said: “The acquisition of Burdale demonstrates the strategic priority we attach to growing our portfolio of niche skill-based businesses internationally.

"Burdale represents an excellent fit with our existing specialised international financing platform within our Wholesale Financial Services division.”