Anglo-Irish Bank announces two-way split

Melbourne News.Net
Thursday 9th September, 2010

The Anglo-Irish Bank is about to become two companies.

A split into two parts will allow the new business to run both an asset recovery bank and a funding bank.

The asset unit will concentrate on existing loans and will eventually be sold off.

The funding unit will focus purely on deposits and cease all new lending.

Last week the Anglo-Irish Bank posted record 8.3 billion euro losses for the first half of the year.

Have your say on this story