Irish Life & Permanent is in negotiations with a number of British banks to sell its British-based centralised mortgage lender, Capital Home Loans. The group announced yesterday that it had received a number of expressions of interest in the business, which has assets worth over £1 billion sterling (€1.6 billion).
The business is estimated to be worth around €100 million.
Irish Life & Permanent has appointed Hawkpoint Partners to advise it on the sale and has signed confidentiality agreements with the interested banks.
The business reported profits of £11.6 million in 2001. The lending is done through a broker network.
Irish Life & Permanent would not consider it to be part of its core business and Capital Home Loans would require additional investment by the group to sustain its growth in the future. Capital Home Loans is based in Fleet, Hampshire.
