Wells Fargo buys Bank of Ireland's real estate loans: report
(Reuters) - Wells Fargo & Co (WFC.N) won a bid for Bank of Ireland's (BKIR.I) $1.4 billion U.S. commercial real estate loan portfolio, the Wall Street Journal said, citing people familiar with the matter.
The 25 loans are backed primarily by commercial real estate in New York, Boston and Washington, and are classified as performing, the Journal said.
The loans were sold at close to face value, the people told the paper.
A spokesman for Wells Fargo, the fourth-largest U.S. bank by assets, declined to comment to the Journal. Wells Fargo could not immediately be reached for comment by Reuters outside of regular U.S. business hours.
Bank of Ireland was told to raise 4.2 billion euros ($5.9 billion) in additional core Tier 1 capital following stress tests required under the terms of the 85 billion euro EU-IMF bailout Ireland received last year. [ID:nL3E7IR1E5] ($1 = 0.703 Euros)
(Reporting by Sakthi Prasad in Bangalore; Editing by Frederik Richter)
NEW YORK - U.S. stocks finished mostly flat on Thursday as investors paused after a rally in the previous session, though the Dow closed at its second record high in a row. | Video
WASHINGTON - Start-up companies will be able to raise much more capital through certain public stock deals without facing costly regulatory burdens under a proposal announced by U.S. securities regulators on Wednesday.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.