Irish Life & Permanent Group Holdings (IL&P) will sell its wholly owned subsidiary, Irish Life International to SEB Trygg Liv Holding. The Swedish insurer will pay around €26 million for the acquisition. The Dublin-based company seeks to use the proceeds from the sale to boost the regulatory capital of the group’s banking subsidiary, Irish Life and Permanent. IL&P has to raise €243 million in additional capital by the end of May under a European Union/International Monetary Fund deal, adds Reuters.
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