National Irish Bank will see its loan portfolio wounded down and its commercial operations rebranded under plans of its parent company Danske Bank.
ccording to a statement accompanying Danske's first quarter interim report, NIB's commercial and investment property loan portfolios will be 'transferred to a new, separate unit of the Danske Bank group that will be responsible for the controlled winding-up of this part of the loan portfolio'.
The NIB group will also use the Danske Bank brand name for all its banking operations by the end of this year.
Overall the Danske Bank Group posted a profit before tax of €213 million for the quarter and a net profit of €0.8 billion. This represents an 11% rise from the first-quarter 2011 and was in line with expectations.
ccording to a statement accompanying Danske's first quarter interim report, NIB's commercial and investment property loan portfolios will be 'transferred to a new, separate unit of the Danske Bank group that will be responsible for the controlled winding-up of this part of the loan portfolio'.
The NIB group will also use the Danske Bank brand name for all its banking operations by the end of this year.
Overall the Danske Bank Group posted a profit before tax of €213 million for the quarter and a net profit of €0.8 billion. This represents an 11% rise from the first-quarter 2011 and was in line with expectations.
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