Wednesday, September 15, 2010

Carlyle Group and Wilbur Ross to Buy Troubled Irish Bank

Vulture investor Wilbur Ross, along with private equity firm Carlyle Group and Dublin-based Cardinal Group, will buy troubled Irish bank Education Savings Bank, Ross told CNBC .

All though terms have not been disclosed, knowing these operators you just know the government of Ireland is kicking in a huge sum to subsidize the acquisition.

"Ireland has been a real miracle … then everybody there got too crazy with real estate speculation," Ross said.

But the Irish government shows "dedication to get their act together," he added.

"They're getting their deficits under control, so eventually they'll reduce their debts," Ross said.

Education Savings Bank has about $15 billion in deposits and the transaction could be completed as soon as next week, Ross said.

Ross said he would be looking for more buying opportunities in Ireland, but "not so much" in Greece at this point.

"We're less in favor of the ClubMed (Greece, Italy and Spain) countries than the northern countries," he added.

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