Anglo Irish Bank has agreed to sell its Swiss private banking subsidiary to St Galler Kantonalbank.

Anglo Irish Bank has agreed to sell its Swiss private banking subsidiary, Anglo Irish Bank (Suisse) and its affiliated Portuguese branch, Anglo Irish Bank – Sucursal em Portugal, to Swiss cantonal bank St Galler Kantonalbank. The deal, which is subject to regulatory approval, is expected to complete in the first quarter of 2008. In a statement, David Drumm, group chief executive, said: “Anglo has developed a successful niche private banking business in Switzerland with a broad international high net worth client base and a particular expertise in the area of alternative investments. St Galler Kantonalbank will be an excellent partner to the business ensuring the continuity of outstanding client service while positioning it for future growth.’ Anglo’s 2007 results, with pre-tax profits up 46 per cent to €1.25 billion, show that the Swiss and Portuguese businesses contributed less than 1 per cent of the total. Mr Drumm said that the sale is consistent with Anglo’s focus on its core secured lending businesses in Ireland, the UK and the US along with its complementary wealth management and treasury businesses. Wealth management M&A boutique MilleniumAssociates advised Anglo on the transaction.