Irish Intercontinental Bank has bought a number of asset finance businesses from Norwich Union. The businesses have a lease book of £225 million sterling and would boost the size bank's asset fiance operations in Britain to £450 million sterling.
IIB said the new acquisitions would give it increased capacity to generate high quality business at source. It is also well timed to allow the bank to take advantage of any upturn in the British economy, according to a spokesman.
The British operation specialises in providing medium sized asset transactions for corporate customers, local authorities and state agencies as well as providing commercial mortgage finance.
IIB chief executive Mr Ted Marah said the company intended to grow the British business "vigorously". "These acquisitions from Norwich Union fit with IIB's defined strategy. Our policy is to continue our expansion in the UK market through organic growth and acquisition."
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