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Wells Fargo Under Contract to Purchase $3.3 Billion IBRC Commercial Real Estate Loan Portfolio

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  Published in Business and Finance on Wednesday, November 2nd 2011 at 18:40 GMT by Market Wire
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SAN FRANCISCO--([ BUSINESS WIRE ])--Wells Fargo & Company (NYSE:WFC) today announced that it is under contract to buy a portfolio of 61 performing U.S.-based commercial real estate loans from Irish Bank Resolution Corporation (IBRC), formerly known as Anglo Irish Bank, with a total face amount/customer balance of $3.3 billion. Of this amount, approximately 25 of the 61 loans with a face value of $1.5 billion were closed on Tuesday, October 25, 2011.Per the terms of the contract, Wells Fargo expects to acquire the balance of the loans in the fourth quarter.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortuneas 2011 rankings of Americaas largest corporations. Wells Fargoas vision is to satisfy all our customersa financial needs and help them succeed financially.