Irish Bank Resolution Corporation, formerly Anglo Irish Bank, has agreed to sell a portfolio of 61 performing loans worth $3.3 billion to Wells Fargo & Co. according to an Orlando Business Journal article. Wells Fargo said it closed on 25 of the loans, with a face value of $1.5 billion, last week and expects the balance of the loans to close in the fourth quarter.
Wells Fargo is Central Florida's third-largest bank, with 59 branches and $5.9 billion in deposits. Wells Fargo and Royal Bank of Scotland Group Plc also sold about $1 billion of bonds backed by commercial mortgages after relative yields on the debt fell reported Businessweek at the beginning of the month.
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