The Irish Bank Resolution Corporation Limited has today announced that the bank will continue the orderly wind down of its wealth management division, and the underlying regulated business, using its existing resources and under the timeframe set out in the Bank’s high level steps plan.
However, it will not proceed with the option of outsourcing this wind down.
In a statement the bank said following further detailed assessment during the period of exclusivity, of the many commercial and operational considerations in the proposed co-sourcing arrangement and asset sale with Key Capital, the Bank and Key Capital have concluded that proceeding with this arrangement will not deliver the best outcome for all stakeholders.
Commenting on this development, Tom Hunersen, Group Executive, Corporate and Institutional Recovery said: "The bank will now proceed with the orderly wind down of this business over a five year timeframe using its existing resources and in accordance with its fiduciary and contractual obligations. The bank appreciates Key Capital’s full commitment to this process and welcomes the opportunity to work with Key Capital again in the future."
IBRC also confirmed that the Wealth Management business will continue to operate as normal in the short term. Clients will be notified in due course of any changes which may impact them or their investments as the business winds down.